EV Private Equity invests in Evolution Engineering
Summary
EV Private Equity has invested in Evolution Engineering Inc. Financial terms werent announced. The funds will be used to accelerate the Companys North American growth and expand product development related to its market leading EVO ONE measurement while drilling (MWD) platform and related directional drilling technologies.Evolution now has additional resources to pursue its aggressive growth strategy and build on its industry leading directional drilling technologies, said Paul Crilly, Evolutions CEO. The growth capital also positions us to ensure that our customers will continue to benefit from the highest level of product innovation, service and support. In parallel, we will be accelerating our marketing efforts, serving the needs of clients throughout North America and around the world.We are delighted to support the on-going business and vision of Evolution Engineerings team, whose EVO ONE MWD systems are already enabling the drilling of the industrys most extreme horizontal wellbores, said Matthew Anstead, EV Private Equity partner. By designing extremely reliable, high data rate, large bandwidth communication technology, Evolution is at the forefront of developing the Subsurface Internet TM.