Jun 28, 2022
Reelwell has raised new equity funding to enable it to support the development and commercialization of DualLink™, the world’s first powered and wired network for drilling. The investment comes from Solix Group AB.
The funding will be used to increase the manufacturing footprint of the DualLink technology, expand market penetration and build up the operational service execution division as the pipe is deployed into the field. Reelwell will begin delivery of the first DualLink™ drill strings later this year to Nabors Industries Limited for commercial use onshore USA. Reelwell is also working with North Sea operators to configure and upscale systems for offshore use. Alongside DualLink for drilling, Reelwell continues a collaboration with Aker BP to develop a powered and wired network for completions.
Solix Group AB has become a new investor with a minority ownership position. Solix is an investment company, investing its own funds in high quality companies in a diverse set of industrial sectors. Solix was joined in the capital raise round by Reelwell Chairman Jørgen P Rasmussen and independent board member John Thorogood.
DualLink™ patented technology converts standard drill pipe into a wired network that provides high speed digital telemetry and electrical power along the drill string. DualLink™ delivers more efficient drilling, better well placement, enables drilling automation and reduces the cost and complexity of downhole tools.
Jørgen Rasmussen, Reelwell Chairman commented, “On behalf of the shareholders and the board of directors, I welcome Solix Group AB to Reelwell. Their support and advice will help us create a unique, fast-growing company over the next few years.”
Ian Silvester, Reelwell CEO USA commented,” The technology is rapidly expanding into wider market utilization and applications. We plan an accelerated global roll out with substantial growth. We welcome the new investors to the team.”