Completion of Growth Capital Raise Led by PillarFour Capital Partners Inc.
NEWS RELEASE | February 2, 2023
Metatek Group is pleased to announce the completion of a growth capital raise, led by its main shareholder, PillarFour Capital Partners Inc. (“PillarFour”).
Following a very positive 12 months of operations, involving the full commercial deployment of its state-of-the-art proprietary eFTG technology, Metatek (formerly Bridgeporth Ltd.) has raised further growth capital to acquire additional instrumentation and equipment to support the Company’s ambitious growth plans. The market response to the survey data generated by the Company’s proprietary eFTG technology has exceeded all expectations and Metatek is currently in negotiations with clients concerning projects across the full scope of energy, energy transition and mineral industries for 2023 and beyond. Developed by Lockheed Martin Corporation (“Lockheed”) and launched exclusively by Metatek in 2021, the eFTG delivers the world’s most accurate, highest-resolution gravity data for use in resource exploration.
To further support the Company’s ambitious growth plans, the Company is planning to deploy the dFTG, another proprietary instrument developed by Lockheed and with comparable capabilities to the eFTG in the second quarter of this year. The dFTG is a smaller and lighter instrument tailored to battery mineral exploration over rugged terrain with the ability to be deployed in a fixed wing or rotary vehicle.
Dr. Mark Davies, founder and CEO of Metatek, said, “Metatek has achieved many important milestones over the past 12 months, centered around the extraordinary performance of our leading proprietary eFTG technology. The reaction of our clients as they are exposed to the instrument’s capabilities has been a great validation of how we, as a team, believe we can change the exploration industry across all resource -types, including the energy transition sector.
The Company is now gearing up for the step-change which will come with the arrival of the dFTG later this year, in addition to other state-of-the-art surveying instrumentation that will be added to our toolbox and we anticipate further milestones to be achieved in the low carbon, energy transition industries.”
Paul Colucci, Managing Partner at PillarFour commented, “We are thrilled to be the lead investors in Metatek and are extremely excited about the further deployment of this technology across a wide range of resource exploration targets beyond traditional fossil fuels, including, energy transition battery metals, rare earth minerals, geothermal and carbon sequestration.”
About Metatek Group Ltd.
Metatek Group Ltd. is a UK limited company founded in 2012 and headquartered in Milton Keynes in the UK with operations worldwide.
The Company specialises in geophysical surveys to map natural resources which are critical to the energy transition and energy security. Metatek also assesses a wide range of environmental effects in both marine and terrestrial environments, as well as human and cultural changes in land use, population and socioeconomic levels and atmospheric emissions. www.metatek-group.com
About PillarFour Capital Partners Inc.
PillarFour Capital Partners Inc. is a global investment fund with offices in Calgary, Canada and London, UK. PillarFour invests in sustainable, energy technology and innovation companies, targeting investment in companies with high ROIC, low capital intensity and commercial technologies aimed at enhancing sustainability and lowering carbon intensity in the oilfield. The PillarFour investment team is made up of dedicated energy and technology professionals, offering their investee companies decades of operational, financial, strategic planning and capital markets expertise. PillarFour partners with high quality management teams, putting in place strategies that maximize value creation by emphasizing operational excellence, prudent governance and social license. www.pillarfourcapital.com
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