CALGARY, ALBERTA--(Marketwired - Feb. 24, 2014) - Hifi Engineering Inc., a developer of leading edge fiber optic sensing technologies primarily used to monitor gas and fluid flow in pipelines and oil and gas wells, today announced it has closed a $5.4 million financing round. The round saw new investor, Enbridge Inc., joining existing investor Cenovus Energy.
"Hifi is very pleased to have strategic partners such as Enbridge and Cenovus who are committed to safe and environmentally responsible operations," said Kevin Nugent, Executive Chairman of Hifi. "The strategic alignment of our three companies represents a powerful force that will accelerate the successful application of Hifi's technology to the energy pipeline monitoring market."
The proceeds of the financing will primarily be used to support the next phase of Hifi's research and development involving the adaptation of the Company's existing technology to the early detection of leaks in energy pipelines. Hifi's existing and commercialized acoustical sensing technology has a proven track record in detecting and pinpointing leaks in oil and gas wells. As a result of changing expectations of the pipeline industry regarding risk management, Hifi believes that the ability to continuously monitor and instantaneously detect pipeline leaks represents a significant market opportunity.
"Enbridge and Hifi have a shared vision, and that is to maintain the safe and reliable transportation of energy across North America," said Chuck Szmurlo, Vice President of Alternative and Emerging Technology, Enbridge Inc. "Hifi's monitoring technology promises important innovations that further expand on Enbridge's existing suite of leak detection tools."
"We're proud to continue our partnership with Hifi," said Dileep Kumar, Vice President of Technology Development at Cenovus Energy. "Like all producers, we want every barrel of oil we produce to reach its destination safely. Investing in detection and monitoring is critical, and we think Hifi's innovative technology has great potential in the pipeline industry."
Hifi is a privately held Canadian company specializing in the research, development and operation of leading edge fiber optic sensing technologies primarily used to monitor gas and fluid flow in pipelines and oil and gas wells. Headquartered in Calgary, Alberta, Hifi currently has two commercialized products, including its MiQro™ tool used for detecting gas and fluid flow behind casing. With nearly 600 wells logged, the MiQro™ tool has been proven to assist in pinpointing casing leaks. Hifi is currently focusing its research to adapt its existing fiber optic technology to find low rate leaks in energy transportation pipelines. Hifi was a 2013 winner of the prestigious ASTech award presented by the Alberta Science and Technology Leadership Foundation which annually honors outstanding achievements in science and technology in Alberta. For more information, visit www.hifieng.com.
Enbridge Inc., a Canadian Company, is a North American leader in delivering energy and has been included on the Global 100 Most Sustainable Corporations in the World ranking for the past six years. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in more than 1,800 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy and geothermal. Enbridge employs more than 10,000 people, primarily in Canada and the U.S. and is ranked as one of Canada's Top 100 Employers for 2013. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
Cenovus is a Canadian integrated oil company. It is committed to applying fresh, progressive thinking to safely and responsibly unlock energy resources the world needs. Operations include oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface. The company also has established natural gas and oil production in Alberta and Saskatchewan and 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE, and are listed on the Toronto and New York stock exchanges. For more information, visit www.cenovus.com.