An Exeter energy tech company has been taken back over by its original founding shareholders following a restructure.
AnTech, a designer and manufacturer of products for the oil and gas industry, said the decision marked a "significant milestone" for the firm as it looks to grow.
The Newbery Centre-based business was founded in 1992 and has a presence in the US and Saudia Arabia. It attracted institutional investors - Calculus Capital and Saudi Aramco Energy Ventures - more than a decade ago.
Toni Miszewski, founder of AnTec, said the recent restructure would improve the company's "agility" in a demanding and ever-changing market.
"The oil and gas sector is constantly evolving, with net-zero targets increasingly becoming a global priority," he said.
"However, even if these targets are met by 2050, the demand for oil and gas will persist. Therefore, it is crucial that we maintain our track record of producing essential technology for the sector."
Mr Miszewski said the company's investors had been "hugely supportive" over the last 10 years.
"We are grateful for their understanding and backing throughout their time with us," he said. "Whilst they are exiting the business we can acknowledge the role that they have played in getting us to where we are today and allowing us, as a result to continue with this momentum.”
AnTech received a in 2021 in recognition of its excellence in international trade. The accolade is given to firms which are able to demonstrate outstanding growth overseas.
"As the industry evolves, it is crucial for our business to adapt as well," added Mr Miszewski. "The changes in AnTech's investment and structure enable us to better ensure our customers receive the product and service support they need.
"We continue to deliver industry-leading solutions, helping the sector become more efficient, technology-driven, and move towards a greener future."
