How our support has helped Zilift confirm a new £2.3 million research and development project in the oil and gas sector.
Aberdeen-based Zilift demerged from a Norwegian oil service company in 2010 with the aim of commercialising its unique artificial lift technology.
The company’s products are targeted at the oil and gas industry and are designed to both reduce costs and increase production. Crucially, with the average yield from an oil well being just 30%, Zilift aims to help operators dramatically increase recovery of the remaining 70%.
The global oil and gas downturn had meant that Zilift faced delays in developing its new product, SpeedDrive2625, by two years.
Now, with our support of £1.1 million, the £2.3 million project can go ahead, securing three new oil and gas jobs and helping Zilifit achieve its target of increasing turnover to £24.5 million in the next ten years.
Utilising the company's innovative magnet technology, the new project has already attracted commercial interest from major oil and gas operators from North Sea, US, Africa, Middle East and Far East regions.
How we helped
Our £1.1 million R&D support extends our long relationship with Zilift, including:
- SMART: SCOTLAND R&D grant
- Market development support
- Business efficiency assistance
- Help to internationalise
- Scottish Manufacturing Advisory Service (SMAS) support
Zilift's managing director, Iain Maclean, said:
"The artificial lift market is expected to grow to an estimated £21.8 billion by 2020 and we are well placed to capture a share of this.
Supporting innovation in oil and gas
Innovation support from Scottish Enterprise has helped us accelerate the development of that technology for our own applications. And, of course, as well as the funding for innovation being important in accelerating product development, it also helps you get through the difficult times.
Iain Maclean, managing director, Zilift
"Our innovative technologies, skilled and talented staff and unprecedented support from Scottish Enterprise means we can begin work on our new technology earlier than we thought might be possible which will maximise our rewards in the long term."
David Rennie, Scottish Enterprise's international sector head for oil and gas said:
"Zilift Ltd is a great example of an ambitious growing company which recognises the need to invest in innovation to ensure it remains competitive and can grow its international ambition.
"With our help, the company aims to grow its workforce to more than 26 people by 2018 and increase its annual turnover to £24.5 million by 2026. I wish the company every success as it embarks on this new project and look forward to supporting their continued growing ambition."
Get innovative with our help
Boosting innovation and helping drive efficiency is a key way of meeting the challenges caused by the global downturn in oil and gas.
And we're committed to helping Scotland's supply chain companies meet those challenges.
Is your company is ready to develop new products and services for oil and gas? We'd love to hear from you.
Talk to an innovation specialist