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Company Secures Corrosion Management Funds

Tuesday, November 19, 2019

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CorrosionRADAR, a company that specializes in corrosion management, recently announced the acquisition of 1 million pounds (roughly $1.29 million) in funding to further develop its corrosion and leak detection technology, which is often used in assets such as pipelines.

The technology implements a network of remote sensors. Funding was secured from the MEIF Proof of Concept & Early Stage Fund.

Corrosion Management Technology Funding

The Fund is managed by Mercia and part of the Midlands Engine Investment Fund, with additional funding also being provided by Mercia and private investors. Innovate UK and the Oil and Gas Technology Centre also issued grants.

Developed as an extension of work with Cranfield University, the company’s patented system allows for the implementation of automated monitoring, rather than the more traditional manual option. (In this instance, the company uses permanently embedded sensors placed on the asset’s surface.) Corrosion prevention can also be tackled from a predictive standpoint.

"Corrosion is the biggest failure mechanism in the world, with a huge cost to industry," said CorrosionRADAR Chief Executive Chiraz Ennaceur. "Our vision is to transform corrosion management through smart digital solutions and help pipeline owners and operators to have a safe, reliable and environmentally friendly operation."

Developed by PhD student Prafull Sharma and Professor Hoi Yeung, the technology is already being used by companies such as Solvay, Sitech and Reliance Industries. Both Sharma and Yeung partnered up with PhD student Mehrdad Silatani and industrialist Ennaceur to launch the company a couple of years ago.

Thanks to the latest round of funding secured, researchers will be able to develop hardware for the oil, gas and petrochemicals industries. Both predictive analytics and software will be further refined.

“CorrosionRADAR’s technology solves a major challenge for the oil, gas and chemicals industries and offers a more cost-effective way to manage and maintain infrastructure,” said Mercia Investment Manager Bill Yost. “This investment will allow the company to further develop its system and reach out to the global marketplace.”

In June 2018, CorrosionRADAR and CENSIS (the Innovation Centre for Sensor and Imaging Systems) announced that they would be teaming up for a 12-month study that would aim to determine how sensors and Internet of Things technology could help to detect and address corrosion under insulation, a costly maintenance problem, especially in the energy sector.

   

Tagged categories: Coating failure; Colleges and Universities; Corrosion; Corrosion protection; EU; Europe; Pipelines; Program/Project Management; Research and development

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