Scovan Engineering Inc. and HIVE Innovations Inc. Agree to Merge to form Scovan
Calgary, AB – May 12, 2021: Scovan Engineering Inc. (Scovan) and HIVE Innovations Inc. (HIVE) today announce that they have entered into a definitive merger agreement to create Scovan, forming an industry leader in innovative technologies, designs, and execution models for the energy space.
Under the terms of the agreement, which has been unanimously approved by both Scovan’s and HIVE’s Boards of Directors, all projects, services, intellectual property and personnel will become part of the united group going forward.
The proposed merger creates substantial value for both Scovan and HIVE clients. The unique services offered by each of the operating entities will still be available, but will now be offered with the option of a single point of contact for even greater value. The objective of the combined group is to create a more streamlined service offering that will set the benchmark for quality, efficiency and ingenuity for the energy marketplace.
Industry Leader in Innovation
The combination of these well-known leaders in energy innovation will create a combined entity that offers best-in-class designs, execution strategies, and a proven track record. With solutions that support Power, Water, and Oil, the company will continue to focus on new and innovative ideas in both the existing and emerging energy markets.
Donovan Nielsen, President of Scovan Engineering, said, “Scovan Engineering is focused on continuing to challenge industry norms and drive value to our partners. Operational restructuring such as this will continue to drive the increased value that we plan to achieve as we fearlessly improve projects in the energy industry. Our goal to continuously improve does not stop here. We will continue to lead the marketplace as we lay further groundwork to better serve our clients as industry experts. We are excited about the future that is in front of us. This partnership will allow us to drive even more value in our ground-breaking projects”.
Scovan is committed to continuously drive innovation, ESG, and value to the energy space. With the implementation of these changes to the organization, the company is better positioned to achieve these goals. The company has plans to drive further improvements to the energy market that we specialize in. These goals cannot be realized without commitment both to and from our long-term partners. The company’s commitment to providing leading edge solutions to this space has just begun, and so has the investment into growing the company.
Commitment to Communities
Scovan will be headquartered in Calgary, AB and has employees located across Canada. Understanding that Calgary is in the heart of the energy industry of Canada, this is where the commitment to investment and growth will continue. The company looks forward to providing services to the local market and markets abroad while providing quality jobs for the local community and investing in them along the way.
About SCOVAN ENGINEERING Inc.
Scovan Engineering Inc. (Scovan) provides engineering, procurement, and construction management services for the emerging energy industry. Scovan specializes in the design and execution of energy-related industrial facilities and offers innovation and experience to project developments.
Scovan’s focus is to enable our clients to excel in the planning and implementation of their heavy oil developments, conventional oil and gas, and renewable energy projects.
Scovan is an expert in energy and has the track record to give their clients the confidence and certainty they need for their developments. Scovan is Forward Engineering. www.scovan.ca
About HIVE INNOVATIONS Inc.
HIVE Innovations Inc. (HIVE) is a project execution and technology innovation company. Hive simplifies the execution of a project from concept to commissioning. HIVE’s templated designs are configurable to meet unique project requirements and achieve faster project schedules and more cost-effective capital deployment. This means HIVE’s clients save money by leveraging their robust experience and continuous commitment to innovation in our designs.
With industry leading thermal project experience and a proven track record of low-cost delivery, compressed schedules and cost certainty, Hive aims to grow their offering of templated solutions and innovative technologies to continue to drive efficiency to your projects. From the well pad to the CPF, HIVE’s goal is to cut out the inefficiencies and allow their lean model to put their client’s project capital to work faster. HIVE is “Challenging the Business of Energy”.
Questions or Inquiries:
Donovan Nielsen, President
Andy Farrow, CFO
Valerie Stewart, VP Strategy and Development