£3 million investment by bp ventures in ‘game-changer’ Flylogix, will enable further international expansion.
We are delighted to announce that bp ventures has invested £3 million into Flylogix. We have worked with bp since 2018, carrying out real-time operations, monitoring bp’s assets across the UK North Sea and providing accurate data aimed at reducing emissions.
CEO, Charles Tavner, said:
“This is a really significant investment for Flylogix. Not only does it support the expansion and operations of our tested and tough UAV in new territories, but also allows us to develop applications and drive forward the global potential of our unmanned aerial vehicles. This is also a real vote of confidence from bp in our pioneering engineering and technology. We’re very proud of what’s been made possible to improve the accuracy, affordability and sustainability of methane measurement in our joint mission to reach Net Zero targets and to be at the forefront of driving this forward.”
Flylogix will leverage this new funding to expand to new geographies, including the US, Norway and Trinidad & Tobago.
David Hayes, managing partner of bp ventures, commented:
“We are investing in companies that can help us achieve a Net Zero future. Flylogix is a game changer in how we measure our methane emissions and how we use that data to tackle them.
“Previously we relied on calculations which estimated methane levels – with Flylogix we know exactly where we stand. Using Flylogix is safer, more accurate and more carbon efficient than a manned aircraft. This is the money we want to spend to produce the energy we want to deliver.”
- Flylogix technology will play a critical role in driving down bp’s carbon intensity and delivering its aim for continuous methane measurement. Investment will spur crossover into renewables industry and entry to new geographies.
- The investment will help bp achieve its Aim 4 of installing methane measurement on all existing major oil and gas processing sites by 2023.
- The investment is also expected to deliver a 50% reduction in methane intensity across bp’s operations.
- The investment is part of a funding round led by Amati Global, resulting in a total investment of £6 million in Flylogix.
As well as funding further expansion, bp ventures’ investment will help bp achieve its Aim 4 of installing methane measurement on all existing major oil and gas processing sites by 2023 and deliver a 50% reduction in methane intensity across its operations.
Our technology provides bp and other operators with accurate, quantifiable and up-to-date emission data which will improve how that data is assessed and collated. Crucially, this method of methane monitoring supports bp and the wider industry in its efforts to monitor and drive down emissions from its operations without the need for additional people offshore and the cost and carbon footprint associated with that.
Read bp’s press announcement here