Western Innovation Initiative funding will help commercialize the inVision Intervention System
EDMONTON, Feb. 22, 2018 /CNW/ - Intelligent Wellhead Systems is receiving $1.1 million towards a clean technology innovation that will enhance environmental and safety measures in oil and gas recovery.
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada, announced the funding today.
Funding will allow Intelligent Wellhead Systems to scale up manufacturing of the inVision Intervention System product lines. Globally, this unique technology is installed at on- and offshore critical well intervention operations. It enhances the on-site safety of operators and helps protect the surrounding environment. The inVision technology is a wellhead, or blowout preventer component, that integrates into most high-risk, large asset operation configurations and uses big data to measure efficiencies and reduce greenhouse gas emissions. As the only company offering this type of service, Intelligent Wellhead Systems is seeing rapid adoption of this new technology by the global oil and gas industry.
The Western Innovation (WINN) Initiative provides $100 million in repayable contributions to small- and medium-sized companies in Western Canada. Eligible companies can apply for funding to support activities that move ideas to market more quickly.
"Our Government is committed to fostering innovation. Through its work, Intelligent Wellhead Systems is helping build our country's reputation as a responsible developer of natural resources. The Government of Canada is proud to support the development of clean technologies that promote sustainable development, address environmental issues, and bolster our commitment to creating opportunities for a highly skilled workforce."
- The Honourable Navdeep Bains, Minister of Innovation Science and Economic Development and Minister responsible for Western Economic Diversification Canada
"The timely support from Western Economic Diversification Canada has enabled us to build out our inventory of a truly disruptive technology that positively impacts our planet and people and reaffirms Canada's position as an innovation leader on the world energy stage."
- Mitchell Carlson, CEO, Intelligent Wellhead Systems Inc.
IF THERE IS A DISCREPANCY BETWEEN ANY PRINTED VERSION AND THE ELECTRONIC VERSION OF THIS NEWS RELEASE, THE ELECTRONIC VERSION WILL PREVAIL.
SOURCE Western Economic Diversification Canada
For further information: Donna Kinley, Regional Communications Manager, Western Economic Diversification Canada, Telephone: 780-495-6892, Email: [email protected]; Mitchell Carlson, Chief Executive Officer, Intelligent Wellhead Systems Inc., Telephone: 250-300-3258, Email: [email protected]