For the last eight months, Rotoliptic Technologies Inc. has been creating and testing equipment for a new two-piece oil and gas pump in Squamish's business park. Now, the company hopes to have its product ready for sale in the next two years, with the help of a $2.8-million injection from the Canadian government.
On April 25, Member of Parliament Pamela Goldsmith-Jones made the announcement of the funds on behalf of Navdeep Bains, Minister of Innovation, Science and Economic Development, at the Rotoliptic Technologies Inc. office in Squamish's business park.
"Rotoliptic Technologies will use this investment for the field demonstration of its high-efficiency pump technology, both in Alberta and in Texas, and I hear with plans to diversify beyond oil and gas," Goldsmith-Jones said. "Consisting of only two parts, the unique pump design means simple deployment, lower operating costs for the oil and gas industry. More importantly, I think this project will reduce the environmental impact of oil and gas operations.
"This technology has the potential to lower both the energy consumption and cost of ownership by approximately 40 per cent," she said.
During a tour of the company's developing and testing centre in Squamish, founder and chief technology officer Greg Montie demonstrated two test benches. With the funds, the company will add a third bench.
The pump will generate 1,000 barrels of oil a day, Montie said. The two-piece pump is smaller than what's currently used and can be used for multi-phase flows, operating at 85 per cent more energy efficient conversion of electricity compared to competitors' 35 to 45 per cent, he added.
In Squamish, nine people currently work at Rotoliptic Technologies Inc., and CEO Adrian Corless said they plan to create around six more jobs in the community. He told The Chief they are looking to hire for those positions immediately.
"It's a great example of clean technology building a better Canada, improving our lives, supporting a strong economy and protecting our planet," Goldsmith-Jones said. "It's always exciting to find how things come together in Squamish."