Companies applying for LOOP funding must be developing technology that can be implemented and contribute to improving Statoil’s operations. The project must be well defined, the technology/concept patented or otherwise protected, and the project team must have a track record in technology development, proving the ability to deliver results.
STI's LOOP programme provides project specific funding, technical advisory and planning for first use of the technology in our operations. A typical LOOP program normally consists of:
- Total project cost of USD 0,2 – 2 million per LOOP project, where STI can provide up to 50% of the funding.
- Project period 1 - 3 years
- In return, STI requires royalty of the product`s annual turnover
Since the beginning in 1991, LOOP has provided over 600MNOK of funding to support more than 260 companies and technologies, and we are actively looking for new LOOP projects!
The LOOP contribution has triggered almost three times as much in total overall project funding. The success rate is high: Over 75% of the LOOP technologies hit the market and over 600 new jobs have been created. In many cases LOOP projects form the first interaction between a company and STI, which can often grow into long term relationships where STI eventually takes an ownership stake in the company.