ETV invests in new artificial lift technology from Upwing
Equinor Technology Ventures has closed its first equity investment in Upwing Energy Inc., Cerritos, Calif., USA, together with private equity firm Cooper and Company. Upwing’s first commercial product will be a downhole gas compressor that could significantly boost production rates for onshore gas wells. Equinor Technology Ventures sees a large potential in Upwing’s technology and team, and is looking forward to contributing to its success.
Upwing Energy is a spinoff from Calnetix Technologies, a reputable supplier and partner of Equinor. Calnetix’ long experience will be applied using frictionless magnetic bearings, high power density permanent magnet motors and all power electronics placed topside. This setup is essential in Upwing’s Subsurface Compression System (SCS). ETV believes that Upwing’s SCS solution has the potential to provide a step change to production and regularity in both conventional and unconventional gas wells.