Published by the DTI Oil & Gas Directorate for the reservoir engineering and IOR community in the UK.
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Nova Technology Fund (www.novafund.co.uk)

The Nova Technology Fund is a venture capital fund. It is unique because the major oil and gas producing companies in the North Sea support the fund financially, contribute to a technical panel to review the proposals and provide technical and business mentors to the SMEs. Commercial due diligence is conducted by Aberdeen Murray Johnstone Ltd.

The primary objectives of the fund are to ensure that British ideas become British products, that small to medium size enterprises (SMEs) are provided with a readily available source of equity funds and that this initiative makes a substantial contribution to lowering the cost of producing North Sea oil. Three investments have been made to date and several companies are going through commercial due diligence.

The Nova Technology Fund works closely with the ITF (Industry Technology Facilitator). ITF focuses on forming JIPs (Joint Industry Projects), to demonstrate proof of concept, and in field testing early prototype designs. The Nova Technology Fund focuses on projects where proof of concept has already been made, in refining prototype designs, field testing the final product and taking the product (hardware or software) to the market place.

If you wish to consider applying for funding you should contact one of the Directors or the Technical Manager - Barry Hood (barry.hood@novafund.co.uk)

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