ProVenture Seed II, a seed fund based in Trondheim, and Bergen based Trumpy have invested 20 million Norwegian Kroner in Fjell Subsea Products AS.
Published: 29 May 2015
Photo by Fjell Subsea Products AS
Fjell Subsea Products AS (FSP) has developed a portfolio of hydraulic couplers, MQC plates and valves for subsea applications with much greater degree of standardization and modular design than has been customary. This contributes, inter alia, to very competitive production costs.
The company has several patents pending, including a new and revolutionary technology for ball valves.Since its establishment in 2012 FSP has been well received in the market with its compact, production-friendly products.
”Our task is to identify promising technologies and contribute both capital and expertise so that the technology is complemented and introduced to the market” says senior partner at ProVenture Terje Eidesmo. ’’We believe that FSP’s technology will be highly competitive in terms of both reliability and cost, and we see great potential in the coming years. More capital is available, if needed’’
Cost efficient solutions
With the market at a crucial point the focus remains on cost efficient reliable solutions. ’’Now there is a real need for innovation that can contribute to more cost-effective solutions to increasingly demanding technical specifications.
With ProVenture's funding we will be able to increase the intensity of development, qualification and marketing of our products in the global subsea market. Plus, we also gain access to a lot of relevant experience in the ProVenture team ”says founder and CEO of FSP Kristian Karlsen.
ProVenture’s Prov Seed II (PVS) fund is a joint venture supported by Innovation Norway and Statoil. The fund was established in 2014 to invest in early-stage technology companies.
The ProVenture team has solid entrepreneurial experience with significant expertise within oil and gas, technology and business sectors.
ProVenture take an active role in the companies in which they invest. ProVenture will give the investors the benefit of an efficient link up of venture capital, commercial expertise, international networks, incubators and entrepreneurs.