Oil Pipeline Monitoring System
mIQroTech helps pipeline companies detect oil leaks before they happen.
On average, oil and gas companies face 93 leaks per year and lose more than $30 billion in revenue as a result of these incidents.
These incidents have turned the pipeline monitoring market into an $8.7 billion industry.
But mIQroTech’s three-part solution actually diagnoses problems and alerts companies ahead of time.
mIQroTech’s Internet of Things (IOT) device collects data from the millions of miles of pipeline throughout the country. This includes information like temperature readings, vibrations in the ground, and even pressure levels on the actual pipelines.
This data is then transmitted wirelessly to the company’s cloud computing system.
Finally, the data is analyzed using artificial intelligence modules that help identify risks previously unseen by human monitoring.
mIQroTech tested its solution through an “Experimental Partner” program. This gave the company access to 3,000 miles of pipeline across Pennsylvania and West Virginia.
As a result of the success of the program, mIQroTech has arranged negotiations with several leading natural gas companies.
mIQroTech plans to sell its device to pipeline companies for $350.
In addition, these companies will pay monthly subscriptions to receive mIQroTech’s data reports. Subscription costs vary depending on how many devices a company is using, and range from $500 to $25,000 per month.
During his 15 years of service, Stewart has developed proprietary processes focused on project deliverables. The IoT space feels like home for this gadget guru with database prowess.
Moving to the energy industry, Lewis was quickly moved into the Information and Technology Officer role for two growing firms. At mIQroTech, he plans on bringing his leadership, inventive mind, and IoT expertise to the oil and gas, mid-stream market.