Following a successful partnership developing holistic offshore cable monitoring solution ECG™, Proserv has acquired a minority stake in Synaptec, with Proserv’s Chief Executive Officer, Davis Larssen, taking a seat on Synaptec’s Board of Directors.
Synaptec is a leading innovator of monitoring and protection solutions for the power transmission, renewables, and industrial sectors. Synaptec has been working jointly with global controls technology company Proserv since October 2020 on the ECG™ holistic offshore cable monitoring solution, which uses Synaptec’s unique, passive electrical and mechanical sensor systems, along with other best-in-class sensing techniques and prognostic services.
ECG™ utilises Synaptec’s passive electrical and mechanical instrumentation systems, integrating its unique Distributed Electrical Sensing (DES) as a key element. The solution harnesses Proserv’s reputation for independent and agnostic control system development and integration.
Alongside Proserv, the investment round was supported by Synaptec’s existing shareholders including Equity Gap, Foresight Group, the University of Strathclyde, and Scottish Enterprise, each of whom participated in the fundraising round.
As part of the investment, Proserv’s Chief Executive Officer, Davis Larssen, joins Synaptec’s Board of Directors, strengthening the partnership between the companies and adding further energy industry expertise to Synaptec’s leadership team.
As a controls technology leader, Proserv is one of several innovative and established industrial engineering firms with whom Synaptec has formed sector-specific strategic alliances in recent years to take its disruptive technology to market. These alliances reflect the demand for products based on passive sensing solutions and Synaptec’s philosophy towards collaborative growth in partnership with industry leaders.
Synaptec’s Managing Director and Founder, Dr Philip Orr commented:
“We’re really energised by Proserv’s investment in Synaptec and the continued support of our existing shareholders, and I warmly welcome Davis to our Board. Proserv is an experienced provider of control and instrumentation systems and brings broad engineering and commercial expertise across the energy segment that ensure we can address the rapidly growing demand for disruptive technology solutions in the offshore wind sector.”
Proserv’s Vice President, Renewables, Paul Cook commented:
“We have formed a close working relationship with the Synaptec team over the past two years as we have combined our controls and integration expertise, and reputation, with its own unique power system monitoring capabilities, leading to the generation of disruptive new solutions to support the offshore wind space.
“We look forward to further collaboration as we seek to identify more opportunities where we can deploy our know-how right across the energy sector.”
Proserv’s Chief Executive Officer Davis Larssen remarked:
“I am delighted to take up a seat on Synaptec’s Board. This is a team comprising both technical excellence and a pioneering, creative outlook, very much like our own.
“Our commitment to acquiring a stake in the business cements our relationship further and builds progressively on what has been an open and constructive alliance. At Proserv, we always seek to develop and nurture partnerships that will ultimately lead to genuine gains and benefits for the broader energy market.”