European Business
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
European Business
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
European Business
No Result
View All Result
Home < INDUSTRIES Energy

bp ventures makes £3 million cash injection in unmanned aviation and methane tech firm Flylogix

by Marie Weil
March 23, 2022
A A
Share on LinkedinShare on Twitter

bp ventures has made a £3 million equity investment in Flylogix – a pioneering unmanned aerial vehicle (UAV) business that uses drones to aid methane detection

  • Flylogix leverages unmanned drones to measure methane offshore
  • Investment will spur crossover into renewables industry and entry to new geographies
  • Technology plays critical role in helping bp to reduce its operational methane emissions 

bp ventures has made a £3 million equity investment in Flylogix – a pioneering unmanned aerial vehicle (UAV) business that uses drones to aid methane detection. 

The financial injection is part of a funding round led by Amati Global Investors, totalling £6 million. Flylogix combines its UAV with artificial intelligence, satellite communications and methane sensor technology, from partner SeekOps, to monitor and measure methane in some of the most remote and relentless locations in the world.

“We are investing in companies that can help us with our Net Zero ambition and aims. And Flylogix has been instrumental in how we undertake measurements of methane emissions in the North Sea.” – David Hayes, managing partner, bp ventures

Flylogix, which holds the UK record for the longest commercial drone flight, has worked with bp since 2018, to monitor assets across the UK North Sea. Its unmanned aircrafts take measurements that verify emissions safely, reliably and consistently, helping to validate the accurate reporting of emissions data. 

The investment supports bp‘s 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. 

David Hayes, managing partner of bp ventures, said: “We are investing in companies that can help us with our Net Zero ambition and aims. And Flylogix has been instrumental in how we undertake measurements of methane emissions in the North Sea. Accurate emissions measurements are the basis upon which mitigation plans are based – we look forward to continuing our partnership with Flylogix as it expands into new regions.” 

During the flight, the aircraft manages itself autonomously with pilot oversight from shore. It can fly as close as 250m away from installations. Flylogix then live streams data collected by a SeekOps sensor on its wingtip to the onshore support crew – the sensor technology was originally designed by NASA for the Mars Curiosity Rover.

This technique provides bp and other operators with accurate and quantifiable emission data which can improve how that data is assessed and collated.

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 emissions associated with that.

Charles Tavner, CEO of Flylogix, said: “This latest investment will help Flylogix bring our proven UAV technology to new regions and develop applications to realise the potential of unmanned aerial vehicles. It is a significant moment for the business. We see endorsement from bp as a vote of confidence and are proud to build on our existing partnership, in pursuit of net zero.” 

Flylogix will leverage the funding round to expand to new geographies, including the US, Norway and Trinidad & Tobago. It will also crossover into the biodiversity and renewable energy industries, conducting wind turbine blade inspections for offshore sites.

bp ventures plays a key role in helping bp reinvent itself as an integrated energy company. It invests in a portfolio of high growth technology businesses that will benefit and extend bp’s core businesses, as well as open up opportunities in digital adjacencies. It also invests in businesses that can help bp reduce carbon in its operations and production.

Tags: < Invest<< HIGHLIGHTS

Related Industries

Energy

ABB invests in Direct Current microgrid start-up Direct Energy Partners to accelerate energy transformation

March 9, 2023
Energy

GE Renewable Energy continues to add wind power to Lithuania

March 3, 2023
Energy

Giants of industry, manufacturing and finance back UK green hydrogen pioneer GeoPura with £36m investment

February 22, 2023
Energy

Shell completes acquisition of renewable natural gas producer Nature Energy

February 21, 2023
Energy

wpd selects GE Renewable Energy on three onshore wind projects in Germany

February 15, 2023
Energy

Wärtsilä appoints Saara Tahvanainen as Executive Vice President, Marketing and Communications and a member of the Wärtsilä Board of Management

February 7, 2023

GE Renewable Energy continues to add wind power to Lithuania

March 3, 2023

...

Interview with Vincent Graziani, CEO, IDEX Biometrics

March 2, 2023

...

Dominik Risse takes over as head of LANXESS Urethane Systems Business Unit

February 25, 2023

...

UBS to acquire Credit Suisse

March 20, 2023

...

Yvonne Bettkober to be Head of Organizational Development and Transformation for the Volkswagen Group

March 7, 2023

...

Joachim Aelvoet is the new Country Executive of ABN AMRO in Belgium

March 9, 2023

...

ELC Partners with boom! to Empower Women in Supply Chain in the UK and Worldwide

March 7, 2023

...

Change in top management at Lufthansa Group and Lufthansa Airlines

February 23, 2023

...

Amazon named as a “Top Employer 2023” in Europe

March 1, 2023

...

BASF advances innovation pipeline with integrated solutions to accelerate agriculture’s transformation

March 16, 2023

...

Asia Pacific Business Asia Pacific Business Asia Pacific Business

EUROPEAN BUSINESS is a premier source of corporate news, business information and insights across broad spectrum of industries in Europe and worldwide.  We are one of the members of the Business World Network.

RESOURCES

  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS

CONTACT US

EDITORIAL:     editor # european-biz.com

PARTNERSHIP:     partnership # european-biz.com

HUMAN RESOURCE:     hr # european-biz.com

* (replace # with @)

  • Official Site

Copyright © EUROPEAN-BIZ.COM All rights reserved.

No Result
View All Result
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS

Copyright © EUROPEAN-BIZ.COM All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist