LUX Assure secures investment and appoints new non-executive director

LUX Assure, a research and development company specialising in chemical monitoring technologies for the oil and gas industry, has received new investment of £400,000 to commercialise its range of technologies.

The funding, from Archangel Informal Investment Ltd and the Scottish Investment Bank's Co-Investment Fund, follows successful field trials of a number of LUX Assure’s technologies and will allow the firm to manufacture and sell monitoring kits as well as support field trials of its other technologies.

The capital also allows LUX Assure to continue with its ongoing strategy for growth and, as a result, the company has appointed Professor Max Rowe as a non-executive director.

Professor Rowe, who is based in Aberdeen, joined LUX Assure in an advisory role last year. He has more than 20 years experience in the oil and gas industry and worked for a major Operator in a variety of roles, including technology and commercial management, strategic planning, acquisitions and economics. He is Chairman of the oil and gas Industry Technology Facilitator (ITF) and holds an Honorary Chair in the College of Physical Sciences at Aberdeen University.

Professor Rowe is Managing Director of his own consulting company, Selkie Solutions Ltd, which helps businesses commercialise and implement technology in the energy industry. His experience in successfully introducing and deploying new technologies in the oil & gas industry is regarded as being of particular benefit to LUX Assure.

Emma Perfect, Managing Director and Chief Scientific Officer at LUX Assure, said: “Max has already proven to be a great addition to the team at LUX in the short time he has been involved with the firm. His vast experience in the oil and gas industry has been invaluable as we continue to commercialise our technologies in this sector. It is because of this that we are delighted that he is to continue his involvement as a non-executive director.

“The new investment from Archangel Informal Investment Ltd and the Scottish Investment Bank's Co-Investment Fund is a boost to our business and plans are already in place to use the funding to help in commercialising our oil and gas products. The first product expected to be launched with the support of this investment will be LUX’s OMMICA™ detection kits used for methanol and monoethylene glycol monitoring.”

Professor Rowe added: “I am thrilled to continue working with LUX Assure in the role of non-executive director. LUX Assure has an exciting range of technologies and I am looking forward to contributing to the growth and success of the business.”

Originally established as a technology house conducting research and development for a variety of industries, LUX Assure has enjoyed significant success working with a number of major oil companies and is now streamlined to focus solely on delivering solutions to the oil and gas industry.

John Waddell, chief executive of Archangel, said: “We are excited about the further development of LUX and its products, which we believe will be commercially attractive for the oil and gas sector”.

LUX Assure specialises in developing robust, highly sensitive and simple to use chemical monitoring solutions for the oil and gas industry. The technologies are suitable for both offshore and onshore use and for applications in production, processing, transportation and storage.

LUX Assure is a division of LUX Innovate Ltd, a privately owned and funded company, established in 2001 in Edinburgh, Scotland, UK.