Corrosion prevention specialist Oxifree Global has secured funding to expand its services within the oil and gas sector. The company announced the deal with renowned UK venture capital firm Octopus Investments, which will enable Oxifree to expand its oil and gas corrosion prevention offering while also allowing it to roll out additional resources to support its global distribution and end user base. The business will also supplement existing well established operations in Houston, with additional facilities in Europe and the Far East.
Oxifree is a global provider of solutions to complex corrosion and contamination situations in many sectors. Oxifree metal protection products have been used to protect a wide range of process equipment on both offshore and onshore installations for companies such as Petronas Vietnam, BP, Talisman, Conoco Phillips, Chevron, Interconnector, Air Products, Anadarko, ADMA OPCO, Tekreer and Petrobras. Oxifree currently has presence in more than 30 countries across seven continents.
“We are delighted to announce this significant investment by Octopus which will enable us to expand our services within the oil and gas sector,” said Ed Hall, one of the founders and managing director of Oxifree. “Since we began trading in 2009, Oxifree has grown significantly and we intend to use this investment and support from Octopus to help accelerate us on the path to become a leading player in the corrosion prevention industry. We are also excited by the opportunity this investment gives us to provide additional support to our excellent Global distributor and end user base.”
Oxifree’s principal business activity is providing patent protected polymeric resin coatings and installation equipment for clients where existing solutions are not sustainable long term or financially viable.
Some of the key characteristics that set Oxifree apart in the industry include its products being wholly organic and environmentally friendly, quick to apply, highly durable, easy to remove, reusable, requires minimal surface preparation, is long lasting and contains active corrosion inhibitors within its formula.
Octopus invested in Oxifree because of the potential its leaders saw in the company and oil and gas sector, according to Jane Vinson, a member of the ventures team at Octopus Investments.
Oxifree’s management team and vendors were advised by JDC Corporate Finance and Mills & Reeve. Octopus completed the transaction with support from Shoosmiths, Mazars and Armstrong Transaction Services.