
Halfwave
Ultra wideband acoustic inspection technology based on half-wave resonance to improve pipeline and riser inspection.
Date | Investors | Amount | Round |
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- | investor investor | €0.0 | round |
investor investor | €0.0 | round | |
investor | €0.0 | round | |
* | N/A | Acquisition | |
Total Funding | 000k |
EUR | 2016 | 2017 | 2018 | 2019 | 2020 |
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Revenues | 0000 | 0000 | 0000 | 0000 | 0000 |
% growth | - | 153 % | 59 % | 77 % | (31 %) |
EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 |
% EBITDA margin | (90 %) | (27 %) | 8 % | 34 % | (14 %) |
Profit | 0000 | 0000 | 0000 | 0000 | 0000 |
% profit margin | (111 %) | (41 %) | 3 % | 29 % | (22 %) |
EV | 0000 | 0000 | 0000 | 0000 | 0000 |
EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 |
Source: Company filings or news article
Halfwave, established as a spin-off from Det Norske Veritas (DNV) in 2012, specialized in providing pipeline inspection services for the oil and gas industry. The company's foundation is built upon Acoustic Resonance Technology (ART), a proprietary ultrasound-based technique developed by DNV over two decades. This technology was commercialized by Halfwave, which attracted strategic investments from major industry players including Shell Technology Ventures, Chevron Technology Ventures, and Energy Ventures. The firm's primary business involved deploying in-line inspection (ILI) tools to detect and measure metal loss, corrosion, and cracks in pipelines, with a significant focus on the gas pipeline sector where traditional ultrasonic methods face limitations.
The core of Halfwave's service offering was its patented ART, which utilizes a wideband acoustic signal to create half-wave resonance in the pipe wall. By analyzing the resonant frequencies, the technology provides highly accurate wall thickness measurements, even through coatings, and can differentiate between internal and external metal loss. This capability offered a distinct advantage over other non-destructive testing (NDT) methods by not requiring a liquid couplant, making it exceptionally suitable for inspecting gas pipelines. The company served a global client base of asset owners and large engineering firms in the energy market, providing critical data to inform asset integrity management and prevent leaks. Its business model centered on delivering these inspection services for both onshore and subsea pipelines.
In a significant milestone, Halfwave was acquired by Eddyfi/NDT, a Canadian technology group, in February 2020. This strategic acquisition aimed to integrate Halfwave's ART capabilities across Eddyfi/NDT's business units. The Halfwave inline inspection (ILI) division was merged with NDT Global, allowing NDT Global to enter the in-service gas pipeline inspection market. Simultaneously, the Halfwave Subsea division was combined with TSC Subsea to enhance its underwater inspection offerings. The integration, finalized during 2020, positioned the ART technology as a competitive alternative to other inspection techniques and expanded its global adoption under the new ownership structure.
Keywords: Acoustic Resonance Technology, pipeline inspection, non-destructive testing, asset integrity, oil and gas, subsea inspection, inline inspection, wall thickness measurement, gas pipeline, corrosion detection, crack detection, NDT Global, TSC Subsea, Eddyfi/NDT, Det Norske Veritas, pipeline integrity management, ultrasound technology, asset maintenance, energy services, offshore inspection