May 29, 2019 11:47 AM Eastern Daylight Time
BOSTON & HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, Square Robot, Inc. and Veritank, Inc., have collaborated to successfully deploy an autonomous robot that safely performed its first in-service inspection of the interior of an aboveground diesel storage tank.
The autonomous robot, designed and manufactured by Square Robot, has received National Electric Code Class 1, Division 2 (C1D2) certification allowing inspections to occur while the tank is in-service and filled with product. Veritank’s service to evaluate tank bottom integrity without draining product saves significant expense and reduces the need for personnel to enter tanks. The robot also captures high-clarity visual images of the interior and provides insight into the tank’s sediment levels and coating condition.
“The ongoing collaboration with the Phillips 66 team of inspection and safety experts has been invaluable during the testing and qualification phase,” said Clint Collins, CEO of Veritank. “As we launch and commercialize this new service offering, it is paramount that we maintain our focus on safety and install robust deployment processes while continuing to find new ways to provide value-added services to tank owners and operators.”
“We continue to find immense value in being able to better understand the internal condition of our tanks while they remain in service,” said Todd Denton, general manager, Midstream Operations, Phillips 66. “We see numerous applications for this service and look forward to its continued deployment across our portfolio.”
“The Phillips 66 team, beginning with their investment in December 2016, has helped Square Robot deliver on its commitment to build autonomous robots to safely inspect tank interiors,” said Square Robot Co-Founder Eric Levitt. “In the next phase of development, we will deliver a system certified for C1D1 operations, allowing in-service inspections of lower flash point liquid storage tanks, such as crude and gasoline.”
About Veritank, Inc
Veritank, a wholly owned subsidiary of Square Robot, was established in 2018 to provide robotic in-service tank inspections of aboveground storage tanks utilizing Square Robot technology. Veritank brings together state-of-the-art autonomous robots and experienced tank inspection professionals to provide unparalleled safe access, inspection and value to tank owners and operators.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,300 employees committed to safety and operating excellence. Phillips 66 had $58 billion of assets as of March 31, 2019. For more information, visit http://www.phillips66.com/ or follow us on Twitter @Phillips66Co.
About Square Robot
Square Robot was started by three robotics professionals in May 2016, specifically to address the growing need for swimming autonomous robots for oil and gas applications. Aside from terrestrial tanks, the same autonomous hovering technology has broad ranging applications for subsea infrastructure inspection. The Boston based start-up recently completed a Series B funding round, raising over $10M from strategic industry partners. The company has 20 employees with a heavy focus on autonomy and robotics.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Statements in this press release that are not purely historical are forward-looking statements. These statements are not guarantees of future performance or outcomes and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements herein include statements regarding Square Robot’s efforts to develop and commercialize the technology with the capabilities, and Phillips 66’s ability to use the technology, as described in this press release. Factors that could cause actual results to differ materially include, but are not limited to, technical or legal issues that may arise in the development, protection or commercialization of the technology, as well as the possible introduction by others of competitive technology. These factors could, among other things, delay or prevent the development of the technology and Phillips 66’s expected benefits therefrom. The forward-looking statements contained herein are made only as of the date of this press release and neither Square Robot nor Phillips 66 undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Veritank & Square Robot
Clint Collins, 281-520-4976
Eric Levitt, 207-706-6437
Jeff Dietert, 832-765-2297 (investors)
Brent Shaw, 832-765-2297 (investors)
Hillary Bruton, 832-765-1634 (media)