8:19 p.m.: Airlift gains venture capital investment; company to add 43 employees in January

Justin Schneider

Wed, May 14 2008

— justin.schneider@heraldbulletin.com
ALEXANDRIA — Investment from abroad will help a local business expand its work force.
Airlift Services International Inc. announced Tuesday that it had secured an investment from OptiLift Inc., a portfolio company of Shell Technology Ventures Fund 1 B.V. The STV fund is managed by Holland-based Kenda Capital B.V.
“We always look for novel technology in energy systems; (ASI) was a natural fit,” said Jason Roe, investment associate for Kenda Capital. “We’ve been looking for strong artificial lift technology, and we’re excited about the partnership.”
ASI President and CEO Dan Roberts said the company would hire 43 new employees over the next three years. The staffing plan includes 18 machining positions, six assembly workers, six installation workers and 13 other staff members.
Roberts said the hiring will be a huge boost for ASI, which currently employs “eight or nine” workers. He said the hiring would likely take place in January 2008 and would be done through Kennedy Machine & Tool Inc., part of which ASI occupies.
OptiLift is a 100-percent-owned subsidiary of the STV fund. Major investors in the fund are the Royal Dutch Shell Group, Coller Capital and the Abu Dhabi Investment Authority.
“We make contact and work with entrepreneurs like ASI that offer new approaches to the challenges of the energy sector,” Kenda Capital Investment Principal Aruna Subramanian said in a prepared statement. “OptiLift focuses on novel artificial lift technologies, and ASI is a safer, cleaner and more efficient solution for the land market.”
Roe said Kenda Capital works with 35 companies, some of which produce no revenue and some of which produce $150 million annually. He said as oil wells mature, extraction grows more difficult, creating a need for artificial lift. That is where Airlift comes in.
“We work with entrepreneurs like Dan all the time,” Roe said. “We have a company, Crucible, that looks for wells for people like us.”
ASI developed the Airlift Fluid Pumping System, which uses compressed gas to lift oil and other fluids to the surface. With no moving parts, the system operates more safely and more quietly than its competitors. Roberts said the Airlift pump currently has a maximum depth of 2,500 feet. One of the “milestone” goals for the second 18 months of the partnership will be to increase that depth to 3,000 feet.
“The reduced maintenance is where a lot of value is added,” Roe said. “With no moving parts, it will help us save money.”
Around 50 people attended the ASI announcement ceremony at the company’s Alexandria location. Among the guests was Chuck Staley, president of Flagship Enterprise Center, where ASI got its start.
“It’s great news,” Staley said. “They were one of our companies, and it’s great to see them develop. They’ve got a lot more growing to do.”

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Airlift Services International
Three-year hiring plan
Manufacturing — six assembly, 18 machining
Installation — two local, four out of state
Other staff — 13
Total — 43

- Hiring to begin January 2008
- For more information, call Kennedy Machine & Tool Inc. at (765) 724-2225

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