EV Private Equity has invested in Evolution Engineering Inc. Financial terms weren’t announced. Evolution Engineering, of Calgary, provides products and engineering services to the measurement while drilling market.
CALGARY and HOUSTON, Aug. 30, 2017 /PRNewswire/ – Evolution Engineering Inc. (“Evolution” or “the Company”) today announced the completion of an investment from EV Private Equity. The funds will be used to accelerate the Company’s North American growth and expand product development related to its market leading EVO ONE measurement while drilling (“MWD”) platform and related directional drilling technologies.
“Evolution now has additional resources to pursue its aggressive growth strategy and build on its industry leading directional drilling technologies,” said Paul Crilly, Evolution’s CEO. “The growth capital also positions us to ensure that our customers will continue to benefit from the highest level of product innovation, service and support. In parallel, we will be accelerating our marketing efforts, serving the needs of clients throughout North America and around the world.”
“We are delighted to support the on-going business and vision of Evolution Engineering’s team, whose EVO ONE MWD systems are already enabling the drilling of the industry’s most extreme horizontal wellbores,” said Matthew Anstead, EV Private Equity partner. “We believe that Evolution is well positioned for further growth, particularly in the horizontal shale plays of the US and Canada.”
About Evolution Engineering
Building upon its patented and proven Unified Telemetry platform, Evolution delivers purpose-built MWD products that exceed today’s drilling requirements for performance and reliability. The company’s flagship MWD system, EVO ONE, was built to provide a single, highly reliable MWD tool suitable for every drilling requirement. By designing and manufacturing these systems in-house, Evolution engineered out the most common MWD tool failure modes while combining EM and Mud Pulse technology into a single Unified Telemetry with a one-size-fits-all probe design. By designing extremely reliable, high data rate, large bandwidth communication technology, Evolution is at the forefront of developing the Subsurface Internet TM. Evolution Engineering Inc. is headquartered in Calgary, Alberta and Conroe, Texas. For more information visit Evolutioneng.com.
About EV Private Equity
EV is an independent growth equity firm applying its specialized expertise to build world-class companies and uncover new technologies in the oil and gas sector. EV’s team leverages specialist knowledge, advisors, proven practices, and a global network to scale businesses that push the edge of technology innovation. Since 2002, EV has raised five funds with committed capital in excess of $750 million. With teams in Stavanger, Norway; Houston, Texas; and Aberdeen, Scotland, EV Private Equity helps companies operate competitively and achieve a more sustainable future. For more information visit evpe.com.