Amsterdam-based IoT Spacetech startup Hiber recently announced its restart following its acquisition by FC Space, a subsidiary of Finch Capital.
The announcement comes a few days after getting a moratorium amid financial difficulties for the company..
The acquisition has led to Hiber’s renewed focus on Hiber Hilo, which provides IoT remote sensor products and software for the energy industry.
Erik Boertje and Simon Philipsen, Managing Directors Hiber Hilo, say, “We are very excited to be able to have One Team for One Company with a laser-sharp focus. This focus on the further development and rollouts of our Well Integrity Monitoring service allows us to accelerate growth and is very well received by our Engineers, Developers, and Global Sales team and by our Clients.”
“We are currently working with 7 of the major Energy companies around the world. We are proud to be supplying this Environmental and Integrity monitoring Technology to prevent well integrity issues and contribute to safer and cleaner operations for our Clients in remote locations,” adds Boertje and Philipsen.
Hiber Hilo was established as a joint venture between Hiber and WTS. However, as of July 1, 2023, the joint venture will become a standalone company once the transfer of all relevant assets and employees of Hiber and WTS into the company has been completed.
Meanwhile, non-core assets, such as the claim towards Astrocast and other discontinued activities, will be managed by FC Space.
Hiber Hilo has been working with seven major energy companies globally and has recently signed two additional new contracts. The company’s activities now span all continents.
Despite the restructuring, Hiber Hilo will continue to be led by its two managing directors.
WTS and FC Space are the company’s key shareholders following the restructuring. Both have provided additional funding to ensure that the company is well-capitalised and can accelerate its growth and continuous product development.
The acquisition by FC Space and the subsequent restructuring of Hiber Hilo is expected to bring significant changes in the company’s operations.
With additional funding and renewed focus on its core product, Hiber Hilo is poised to make significant strides in the IoT and energy industries.
Hiber’s key shareholders
WTS Energy is a global Services, Training, and Staffing company focused on the Energy and Energy Transition industries. It has offices in over 20 countries and has clients globally.
The company’s clients range from major international energy companies to renewable energy developers, large service companies, and clean tech startups.
WTS has offices in India, the Middle East, East and West Africa, Europe, the US, and Mexico.
Frederik Rengers, Chairman of WTS Energy, says, “Well Integrity Monitoring in Remote locations is a very important focus for the Oil & Gas industry. Especially in remote locations where there are many unconnected wells, satellite-enabled Well Monitoring is the best solution to get near real-time data from the Wells and Pipelines.”
“This prevents integrity and associated HSE problems. Many of our Global Clients have embraced Hiber Hilo technology, including Lora, and are now in various stages of rolling out the Hiber Hilo Services for Integrity Monitoring in Africa, the Middle East, Asia, and the Americas,” adds Rengers.
Finch Capital is a growth investor in Europe’s biggest tech transitions and has made 45 investments to date. It has €500M in assets under management.
“We are very excited to continue the journey Hiber embarked on together with WTS and support the team. We have been very impressed with the growth under the leadership of Erik, Simon, and the team and the product market fit they found in the Oil & Gas industry to help them on the energy transition. We remain committed to supporting the company with capital and our network to scale to the next level,” says Radboud Vlaar, Managing Partner of Finch Capital.
Read the orginal article: https://siliconcanals.com/news/startups/amsterdams-hiber-restarts-operations/
