Main content | back to top
News and Media Releases
Latest Shell Technology Ventures investment to improve efficiency
Shell Technology Ventures (“STV”) today announced an investment in a new technology by Veros Systems of Austin, Texas, USA, that will help identify potential technical problems earlier, boosting efficiency in energy production.
“The investment follows extensive testing of the Veros ForeSight™ monitoring technology,” said Geert van de Wouw, Managing Director of STV. “This could change the way we monitor the condition of the machinery at our assets, both on and offshore. It’s a truly innovative technology.”
Veros System’s ForeSight™ uses clamp-on sensors to continuously monitor subtle fluctuations in the power input of electric motors driving equipment such as pumps, fans and compressors. It then interprets these fluctuations to predict mechanical failure months in advance and flag other potential problems in the equipment, allowing operators to more effectively plan and schedule maintenance.
To date, STV – which Shell re-launched in March 2013 with the injection of new investment capital – has been actively seeking entrepreneurs and start-ups with the right strategic fit for the oil and gas industry.
The investment in Veros Systems is the third deal that Shell’s venture capital group has closed in the past five months. In April 2014, STV became a minority investor in Magseis, an innovative start-up from Norway and makers of revolutionary, low-cost, ocean-floor seismic technology. Prior to that, STV took a stake in 2B Energy, a Dutch start-up seeking to make wind energy more competitive through six megawatt, two-blade turbines.
“We have accelerated the pace of our investments for two reasons,” said van de Wouw.
“We believe that the right technology solutions can bring immediate benefits to our current oil and gas operations and, when it comes to future energy, we want to be at the forefront of impactful technology developments. We aim to shorten innovation cycles, as reducing the time it takes to deploy innovative technologies improves our competitiveness.”
STV’s portfolio is now almost equally shared between investments in technologies core to Shell’s oil and gas business and ventures into future energy technologies.
Petroleum Development Oman (Shell interest 34%) has been running an oil project based on technology developed by Californian firm GlassPoint Solar that was partially funded by STV, and uses mirrors to concentrate the sun’s energy to create steam for use in oil production.
“Accelerating the pace of technology deployment is our goal,” added van de Wouw. “Open collaboration with external technology partners is a very effective way to achieve this.”
Shell Media Relations
International: +44 207 934 5550
Americas: +1 713 241 4544
The Netherlands: +31 703778750
About Shell Technology Ventures
Shell Technology Ventures is the corporate venture capital arm of Royal Dutch Shell plc (“Shell”). With major offices in Europe and the USA, STV invests in technology companies to enhance the development of new technologies that have the potential to create substantial deployment value in Shell.
Continuing Shell’s tradition in venture capital since 1998, STV’s investment focus includes oil & gas, renewable energy technologies, water and IT. STV co-invests with other corporate investors, venture capital funds and angels and will invest in both early stage and late stage (growth capital) companies. For more information, please visit http://www.shell.com/techventures
About Veros Systems
Veros is an industrial asset monitoring company based in Austin, Texas. The company’s flagship product, Veros ForeSight™, provides a dashboard with real-time operating metrics and clear, early warnings about impending equipment failures, with zero false alarms.
Engineering and maintenance managers rely on Veros ForeSight™ to quickly and easily know how their equipment is operating, identify poorly performing assets and be alerted to problems months in advance, so they can plan and take action. For more information, please visit www.verossystems.com.
Magseis is a rapidly growing Norwegian geophysical company which has developed new technology for ocean bottom seismic (“OBS”) acquisition. The Company’s proprietary Marine Autonomous Seismic System (“MASS”) has been developed with the purpose of significantly improving the efficiency of OBS operations. The Company is headquartered in Oslo, Norway and has offices in Bergen, Norway and Stockholm, Sweden.
About 2B Energy
The 2-B Energy team consists of experienced individuals from the wind industry comprising engineering, project development, supply chain management and commercial management. 2-B Energy is based in Hengelo, The Netherlands. 2-B use a downwind, six megawatt two-blade turbine concept. Construction on the 2B energy turbine demonstrator will start in 2015.
About GlassPoint Solar
GlassPoint designs, manufactures and installs solar steam generators, housing them in a unique glasshouse that protects the mirrors and moving parts from sand or dust. Our team saw its potential to replace natural gas in generating the steam injected into oil wells to boost recovery.
According to GlassPoint, this approach can reduce CO2 emissions by up to 80% compared to conventional methods. Our investment followed a decision by Petroleum Development Oman to select GlassPoint for a solar thermal EOR demonstration project.
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this announcement “Shell”, “Shell group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general.
Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to companies over which Royal Dutch Shell plc either directly or indirectly has control.
Companies over which Shell has joint control are generally referred to “joint ventures” and companies over which Shell has significant influence but neither control nor joint control are referred to as “associates”. In this announcement, joint ventures and associates may also be referred to as “equity-accounted investments”.
The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in a venture, partnership or company, after exclusion of all third-party interest.
This announcement contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements.
Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements.
Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions.
These forward-looking statements are identified by their use of terms and phrases such as ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions.
All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements.
Additional risk factors that may affect future results are contained in Royal Dutch Shell’s 20-F for the year ended December 31, 2013 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward looking statements contained in this announcement and should be considered by the reader.
Each forward-looking statement speaks only as of the date of this announcement, 2 July 2014. Neither Royal Dutch Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information.
In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.
We may have used certain terms, such as resources, in this announcement that United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov. You can also obtain these forms from the SEC by calling 1-800-SEC-0330.