KUOPIO, Finland, Jan. 19, 2016 /PRNewswire/ -- Rocsole Ltd., a leading provider of real-time tomography solutions for industrial process applications, such as oil and gas transportation, is exploring global growth opportunities after receiving substantial investment from key industry leaders. The next phase will include establishing sales and service centers in all major markets served, including North America, Asia and Europe.
"This fresh capital gives us the resources we need to better serve our customers worldwide while also establishing offices in key locations, including Houston, Texas," said Anssi Lehikoinen, Chairman of the Board at Rocsole. "We are ready to move our marketing, product distribution and support efforts to the next phase, so we can work with oil and gas leaders and other heavy industries to improve operations and technologies with our unique patent-pending solutions."
Rocsole's solutions give the oil and gas industry an ability to optimize its processes not currently available with other technologies. Current products include a sensor for measuring the flow and deposit buildup in pipes, as well as a probe sensor used in separators when extracting oil and water. Using the pipe sensor, operators and maintenance personnel can see real-time deposit images so they are able to optimize pipe cleaning cycles and avoid overdosing chemicals, which saves costs and reduces environmental risk. Such deposits are a major industry problem, with the cost of preventing those from paraffin wax, for example, estimated at 0.25% of global GDP.
The new investment funding amounts to several million euro. The funding round was led by Spanish oil and gas leader Repsol, whose investment is the first made by an international oil company in a Finnish company, demonstrating industry confidence in Rocsole's products, which were developed following extensive research by the University of Eastern Finland's inverse problems research group.
Other Rocsole investors include Finnvera, and funding was realized in cooperation with Broadius Partners Oy and the legal practice Lukander Ruohola HTO. Following closure, the owners of the company include Pasi Laakkonen, Anssi Lehikoinen, Capillary Oy, Finnvera and Repsol. Rocsole's research has been supported by TEKES; the Center for Economic Development, Transport and the Environment; Finnvera Venture Capital; and the Academy of Finland, where Rocsole earned Center of Excellence Status
Rocsole will be in Houston, Texas, for the 2016 Offshore Technology Conference from May 2-5, Booth 6528. To speak with Rocsole COB Anssi Lehikoinen about the company, its growth plan and its products, contact Harri Auvinen, Senior Technology Manager, at Harri.Auvinen@rocsole.com.
About Rocsole
Rocsole Ltd. is a leading provider of tomography technology for industrial processes. Established in 2012, the company serves some of the largest oil and gas companies in the world, along with other heavy industries. Rocsole's key assets include tomographic process imaging expertise, fluent development of solutions in cooperation with the client, and an innovative and progressive staff. During its early-stage development, Rocsole has seen revenue close to one million euro per year. The company's headquarters and technological development center are located in Kuopio, Finland, and Rocsole also maintains an extensive global network of sales representatives and subcontractors. For more information, visit www.rocsole.com.
About Repsol
Repsol is an integrated oil and gas company with presence in more than forty countries, employing over 27,000 people. Repsol is present along the whole energy value chain, including exploration, production, refining, transport, chemicals, retail sales and new types of energy and is the market-leader in refining and marketing in Spain. The company has a daily production of more than 660,000 barrels of oil equivalent per day and a refining system which can process 998,000 barrels of oil per day.
Repsol is one of the sector leaders in the Dow Jones Sustainability Index and has an ongoing presence in the FTSE4Good, Ethibel, Euronext and CDLI indices, among others.
SOURCE Rocsole Ltd.