bp Ventures and EIP have co-led the $25 million (€23 million) Series C funding round that will be used to scale up Oxford Flow’s operations.
Originally founded by Professor Thomas Povey in 2015, Oxford Flow is a spin-out of the Oxford Thermofluids Institute (OTI).
The company’s technology has no mechanical drive train, stem or diaphragm, mitigating failure modes and leak paths and helping to address some of the challenges faced by the energy sector including improving valve reliability, reducing maintenance costs and minimising fugitive emissions.
Fugitive emissions are emissions leaks from operational equipment, such as valves and compressors, which can occur during the extraction, production, storage, transportation or use of fuels.
Gareth Burns, vice-president of bp Ventures said: “Oxford Flow’s technology could be important for bp’s core operations, helping reduce maintenance and downtime costs at our production facilities, as well as being utilized for other emerging businesses such as hydrogen.
“We’re excited to be investing in a UK business and the economy as we look for new ways to increase reliability in our operations. We look forward to working with Oxford Flow as it continues to develop and manufacture tech that addresses the challenges and needs of customers across the energy spectrum.”
Neil Poxon, CEO of Oxford Flow, added: “Since our inception at the OTI at the University of Oxford, we have been all about creating solutions for the energy sector. Oxford Flow was borne out of a want to revolutionize valve technology that seemed to have remained stagnant for more than 100 years. We’re proud of what we’ve achieved over the last nine years, having been granted almost 60 patents for our technology.
“With this recent investment we look forward to expanding our team and production capacity, and most importantly, exploring ways Oxford Flow can help the industry reduce fugitive emissions.”
bp Ventures and EIP invest in Oxford Flow
