LDC, which is part of the Lloyds Banking Group, has invested in two previous rounds of funding over the past four years.

Established in 2007, Epi-V has committed over £60 million in six companies, including i-Tec, which manufactures drilling products, and Darcy, a business that is currently commercialising a sand management system for use in well completions.

Darryl Eales, CEO of LDC, says, ‘Early on, LDC spotted the potential for Epi-V to become a significant player in this market, and provide us with an excellent route into this niche sector, which forms a key part of our oil and gas strategy.’

He adds that the ‘further significant tranche of capital’ will support the fund in its ‘next phase of development’.

Epi-V managing partner, Glynn Williams, explains, ‘We have developed a differentiated and highly effective investment model focused on developing the technology and building the businesses which will play a key role in unlocking the potential of hard to reach energy reserves.

‘The economic and technical challenges in this market places strategic premiums on new products and services capable of maximising reservoir contact and productive capacity, while at the same time simplifying operational processes and reducing time and costs.’

Epi-V invests between £2 million and £10 million of expansion capital in oil and gas service companies and its portfolio includes Brinker Technology, Guardian, Moorland and Tarblaster.