The company developed Adjusta-Cone, an adjustable natural gas cone flow meter to provide a safe and cost-effective alternative to the traditional dual chamber orifice meters that currently exist in the market.
The investment, which has been secured from SIB, Aberdeen-based Alba Equity and St Andrews-based Eos Advisory, has already helped the business secure larger premises in the North-east. The investment will also better position the business to continue its research and the development of its technology, in order to expand into new markets globally.
GM Flow founder Gavin Munro developed the Adjusta-Cone technology following his first-hand flow measurement experience working in the oil and gas industry. During his 30-year career he witnessed many near miss incidents involving dangerous gas release in the field caused by the traditional meters.
Adjusta-Cone completely eradicates the release of dangerous gas into the atmosphere surrounding the meter. Furthermore, automation of Adjusta-Cone’s range changing capability, completely removes operating personnel from within harm’s way, allowing them to focus on other tasks. Maintenance of the tool is minimised due to its superior erosion and corrosion resistance, resulting in a very low cost of ownership.
As well as the recent investment, in the past two years the company has grown with the creation of an experienced management team in Aberdeen and the appointment of a sales manager in the Middle East. The firm has also recently been named a finalist at this year’s Offshore Achievement Awards (OAAs) in the HSE Innovation category.
Gavin said: “The investment and support that we have received has already made a substantial difference to the company enabling us to sign the agreement on our new workshop facility, expand our rental fleet and allocate research and development budget for advanced testing and expansion of the Adjusta-Cone product line."
Kerry Sharp, director, Scottish Investment Bank, said: “GM Flow’s management team has channelled years of combined industry experience into the development of smart, safe and durable technologies.
“With the company beginning to gain a foothold in the market, we’re delighted to be able to support its efforts to grow its business at home and overseas. GM Flow is continued proof of the opportunities open to disruptive entrepreneurs in even the most advanced and agile industries.”
Alba Equity's John Duncan commented: “For a relatively new investment group Alba is delighted to be in a position to invest in an innovative company like GM Flow. What Gavin has achieved so far and the investment of his own time and finances into the company is testament to his drive to succeed.”
Andrew McNeill, managing partner, Eos, added: “We have been impressed by the in-depth market knowledge of the team at GM Flow and their patented technology. The Company has been further strengthened by their early commercial traction. We are delighted to invest in GM Flow at this exciting stage of their development and look forward to supporting them further as they grow.”