CALGARY, Alberta--(BUSINESS WIRE)--Global leader in completion optimization technology, Cold Bore Technology Inc. ("Cold Bore" or the "Company") today announced that it has secured a second round of strategic growth funding from Rice Investment Group (RIG).
Proceeds from the financing will be used to scale Cold Bore’s teams and technology to meet the considerable market demand being seen for its platform. In the past six months, the Company has signed and executed service agreements for its SmartPAD™ technology with fracking operators throughout North America, including six of the top 10 producers.
“The E&P business model is shifting from production growth to delivering sustainable shareholder returns through efficient resource development.” said Derek Rice, Partner at Rice Investment Group. “An operator’s completion activity typically accounts for over 70% of its capital budget and can be a source of dramatic cost reduction with the right digital solutions. Cold Bore has developed a differentiated platform that goes beyond simple data aggregation, identifying tangible cost savings that immediately add value to the bottom line.”
Cold Bore’s SmartPAD™ uses a patented combination of valve positioning and pressure monitoring sensors, field data collection systems and proprietary software to fully digitize completions operations. Its industrial IoT platform allows, for the first time, real-time operational data to be remotely accessed from anywhere in the world by those monitoring onsite activity.
"Having RIG increase their position in Cold Bore at this time is further validation of what we’re building and the industry’s appetite for our technology.” said Cold Bore President, Brett Chell. “We look forward to continuing our close working relationship with the RIG team and are in an exceptional position to capitalize on the strong business momentum we’ve created over the last six months.”
About Cold Bore Technology
Cold Bore Technology Inc. ("Cold Bore") is a global leader in fracturing optimization software, developing the first Electronic Completions Recorder and Remote Frac Operating System through Cold Bore's SmartPAD™ service.
For more information, please visit https://www.coldboretechnology.com/
About Rice Investment Group
Rice Investment Group ("RIG") is a US$200 million multi-strategy fund investing in all verticals of the oil and gas sector with a focus on partnering where RIG's operational, technical, and strategic experience add value. RIG is led by the former Rice Energy management team, which sold to EQT Corporation for US$8.2 billion in November 2017.
RIG seeks to invest between US$1 million – US$40 million across the capital stack in the upstream, midstream, oilfield services, and energy technology sectors. RIG can invest passively alongside an existing sponsor-management team or actively as lead financial sponsor.
For more information, please visit https://www.riceinvestmentgroup.com/