Oxifree Global has secured funding from UK venture capital firm Octopus Investments letting it invest in expanding its offering within the offshore wind industry. This will also let the company roll out additional resources to support its global distribution and end user base. The business will supplement existing well-established operations in Houston, Texas with additional facilities in Europe and the Far East.
Oxifree is a global provider of solutions to complex corrosion and contamination situations in many sectors. Offshore wind farms are exposed to constant salt water and salt mist, causing corrosion of moving and serviceable metal parts and reducing the operational efficiency and longevity of the installation. Oxifree metal encapsulation and anti-oxidizing properties will extend serviceable longevity of metal parts, enabling cost savings and greater economic return from offshore wind farms, which is an area of particular importance to the sector.
Oxifree currently has presence in over 30 countries across seven continents.
Ed Hall, one of the Founders and MD of Oxifree, comments: “We are delighted to announce this significant investment by Octopus which will enable us to expand our services within the offshore wind industry. Since we began trading in 2009, Oxifree has grown significantly and we intend to use this investment and support from Octopus to help accelerate us on the path to become a leading player in the corrosion prevention industry. We are also excited by the opportunity this investment gives us to provide additional support to our excellent Global distributor and end user base.”
Oxifree’s principal business activity is providing patent protected polymeric resin coatings and installation equipment for clients where existing solutions are not sustainable long term or financially viable.
Some of the key characteristics that together make Oxifree significant include it being wholly organic and environmentally friendly, quick to apply, highly durable, easy to remove, reusable, requires minimal surface preparation, is long lasting and contains active corrosion inhibitors within its formula.
Jane Vinson, a member of the Ventures team at Octopus Investments, comments: “At Octopus our goal is to find strong, talented management teams, with an innovative product, operating in a large market — and this is the case with Oxifree. What’s more, in this business we see a strong potential to expand into complementary markets, making this precisely the type of business we look to back. The worldwide sales already being achieved by Ed, Nigel Thomson the Group Sales Director and their team are promising, and we look forward to working with the business closely in the coming years.”
Oxifree’s management team and vendors were advised by JDC Corporate Finance and Mills & Reeve. Octopus completed the transaction with support from Shoosmiths, Mazars and Armstrong Transaction Services.
Dave Howes, Director at JDC Corporate Finance, comments: “I am delighted to have advised the shareholders and management team on this exciting deal. JDC’s expertise allowed us to run a competitive process to find an investor in Octopus with an excellent fit to meet the objectives of Oxifree. The investment will enable the Group to further accelerate its growth and capitalise on the large market opportunity that exists for its products and services.”
Filed Under: Offshore wind