PanGeo Subsea Announces C$11 Million Investment For Acoustic Imaging Products

Posted by NAW Staff on August 03, 2009 No Comments
Categories : FYI

PanGeo Subsea, a 3-D and 4-D acoustic technology company based in St. John's, Newfoundland and Labrador, has secured a multimillion-dollar investment to support ongoing commercialization of its acoustic imaging, which can be utilized in offshore wind farms.

PanGeo Subsea's suite of technologies includes the Acoustic Corer, the Sub-Bottom Imager and the Acoustic Zoom. The Acoustic Corer is now available to the market.
The Sub-Bottom Imager will be commercially introduced this fall. The Acoustic Zoom is the most recent of the company's innovations and is the next generation of geophysical technologies. The deep earth telescope will be capable of generating high-resolution acoustic images 6,000 meters into the seabed – five to 10 times greater than conventional 3-D and 4-D seismic technologies.

The company is broadening its markets to include support for the installation of foundations for offshore wind farms as well as capturing opportunities in the offshore mining and military sectors.

‘We at Lime Rock like the growth potential for breakthrough technology in the subsea market, and we have been very impressed by the technical leadership of PanGeo Subsea,’ says Trevor Burgess, a managing director of Lime Rock Partners. ‘PanGeo Subsea products will lower risk when installing and surveying foundations, pipelines and other infrastructure in the offshore oil, gas and wind sectors.’

The investment is led by Lime Rock Partners and CTTV Investments LLC, the venture capital arm of Chevron Technology Ventures.

SOURCE: PanGeo Subsea

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