Clavis Holding AS Secures up to 30 Million kroner in Financing from Viking Venture II AS
Capital investment will provide funds for the commercialization of breakthrough technology and for the ventures growthHokksund, Norway. xth. August, 2007
Clavis Holding AS announced it has secured an up to 30 million Norwegian kroner financing package from the venture capital fund Viking Venture II AS.
The company has co-operated with world leading marine propulsion systems manufacturer and supplier, Rolls Royce Marine in a continuing program for development of a revolutionary new thruster design. Viking’s investment provides the Company with the capital strength to pursue the further development and commercialization of its radical and game-changing marine propulsion and pump technologies through this and other industrial partnerships.
These technologies are based on completed biomechanical research programs of Dr. Magomet Sagov, a member of the Russian Academy of Natural Science and the scientist credited with establishing the scientific field of Biomechanics in the former Soviet Union. The technologies have the potential to impact across diverse industrial verticals and in global marketplaces of significant size.
The pump technology is the first new concept since established pump technologies were introduced by Archimedes and Galileo. The Clavis Impulse Generator (“CIG”) pump utilizes a unique method for transporting liquid that is based on research into the biomechanics of the cardiovascular (circulatory) system in mammals. The CIG pump utilizes dynamic impulse wave generation, propagation and conversion to effect a highly efficient pumping action where power consumption can be reduced with significant economic benefits to users. In a Petromaks project trial in June 2006 , the CIG pump was verified as capable of pumping water up from a reservoir located 45 vertical meters below the pump, in the process breaking Galileo’s 400-year-old-world record of 9.8 m . Since then the CIG has lifted water a total vertical distance of 106 m with promise for much greater depths and opening up applications in, for example, the oil and gas well artificial lift market. Additionally, the new method provides for unique applications of the pump as it does not need to be placed in the flow path of the fluid.
In the marine propulsion area, the biomechanical method of oscillatory motions that fish use to efficiently propel themselves through the sea is adapted to a thruster application, where the traditional thrust generating propeller is replaced with a new device for bringing power to bear on the water.
The value proposition for products incorporating the technology is clear and compelling for the users; that of lower energy costs, reduced capital expenditure and lower maintenance costs. In addition the technology can solve old challenges in new ways.
“What Clavis has achieved is very interesting and exciting, especially in the context of an increasingly energy constrained world,” said Shane McElroy, Partner, Viking Venture and Chairman of the board of Clavis. “We foresee a large demand for these new devices and our investment and the involvement we will continue to have with the Company will assist Clavis to reach the next phase of business success.”
“This latest investment confirms a belief in the huge potential we have seen in the commercialization of our technology from the financial community and we are of course very pleased to have the new investors with us. ” says Peter Grubyi , managing director and co-founder of Clavis.
About Clavis AS
Clavis Holding AS is based in Hokksund and was founded in 1998 by ex Soviet scientist Magomet Sagov and Peter Grubyi as a vehicle to develop civil applications of Dr. Sagov’s own research in the field of biomechanics. Dr. Sagov has over 50 patents to his credit.
The global pump market Clavis seeks to access has a USD 30 Billion annual spend. The urbanization of Asia and the increasing demand for supplies of uncontaminated water are the major underlying drivers for sustained growth in this marketplace. It is estimated that pumps account for nearly 20% of the world’s electricity consumption and range from 25-50% of the energy usage in certain industrial plant operations and therefore energy efficient pumps impact directly on plant economics.
Two wholly owned subsidiaries; Clavis Impulse Technology AS (pumps and liquid transport) and Clavis Biopropulsion AS (marine propulsion systems) are engaged in development of the research programs. The company has completed proof of concept programs with industrial partners and is now embarking on a commercialization program.
For more information please visit www.clavis.no