PrePad, a Calgary-based SaaS startup revolutionizing oil and gas drilling and completions cost estimation, has been selected for the Catalyst Program, an initiative by Chevron Technology Ventures (CTV) aimed at accelerating energy sector innovation.
The prestigious program opens doors for PrePad, positioning it alongside global energy innovators.
The Catalyst Program, launched by CTV in 2017, is designed to foster early-stage companies that have the potential to drive innovation in the energy sector. PrePad is one of only two Calgary companies to be chosen after Arolytics was selected last year.
“This is a tremendous honour for our company,” says Sean Hervo, Co-Founder and CEO of PrePad. “Being part of Chevron’s Catalyst Program not only validates our technology but also enables us to work closely with one of the biggest players in the energy industry. Their support will help us refine our solution and take it to market.”
PrePad’s proprietary software offers a significant leap from the traditional, spreadsheet-based methods of cost and time estimation for drilling and completions in oil and gas. The software’s scenario modeling capabilities allow operators to optimize capital expenditure, balance production with environmental considerations, and provide transparency in decision-making processes.
With the dynamic changes in the energy landscape, including fluctuating costs and shifting sustainability requirements, PrePad’s solution is positioned to help operators make smarter, faster decisions. The company’s software is already being used by energy companies like Devon Energy and Coterra Energy. Through its participation in the Catalyst Program, PrePad plans to complete additional trials with both existing and new clients.
Brandon Eidson, PrePad’s Co-Founder, President and CPO, highlighted the collaborative benefits of joining CTV’s Catalyst Program: “We’re thrilled to collaborate with Chevron’s expert technical team. Working with such high-caliber personnel will further enhance PrePad’s cost and time simulator and provide significant benefits to the wider industry.”
Earlier this year, PrePad was named Disruptive Digital Innovator at the 2024 Global Energy Show Canada. This accolade, coupled with the support of Chevron’s Catalyst Program, places PrePad at the forefront of the energy tech sector in Calgary.
PrePad’s success story began in 2021 when Sean Hervo and Brandon Eidson, both former Shell employees, founded the company. Since then, PrePad has attracted non-dilutive funding from Alberta Innovates, NRC IRAP, and the Alberta Export Expansion Program. The company has also benefited from a strategic investment from Devon Energy and a partnership with the Calgary-based technology consultancy Arcurve.
As Calgary’s energy tech sector continues to grow, PrePad’s role as an innovator will be closely watched, especially as it further develops its product and looks to expand its footprint in the industry.
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