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Oct. 23, 2003 -- Margan Business Development Ltd. (MBD), specialized in the inspection and analysis of High Energy Piping condition, successfully completed another financing round of about € two million.
RWE Dynamics, the independent management company of the Venture Capital fund of the RWE group, was leading the round.
Margan, incorporated in Netanya, Israel in 1992, developed the Quantitative Acoustic Emission (QAE) Non Destructive Inspection (NDI) technology that enables power stations and chemical plants to inspect their High Energy Piping (HEP), reactors and other critical plant components for cracks and flaws that have emerged during service. The inspection is done during operation.
The QAE NDI is a core technology that can be applied to numerous of structures (pipes, pressure vessels, bridges, buildings etc.), made of large variety of materials (steels, alloys, composite materials concrete and others).
Materials and structure that undergo stress, deformation and cracking processes emit sound or acoustic emission signals (AE). These signals can be acquired by acoustic emission equipment at an early stage, long before they become a failure.
MBD's developed proprietary analysis process of the signals acquired, which is based on acoustic fingerprints and unique filtration method of the background noise, can locate and identify the flaws and quantitatively evaluates their danger level by comparing the acquired data with the laboratory-made fingerprints. The results are precise statements about the conditions of the tested object at less than 20 % of the current NDI cost.
Compared to other service and maintenance methods, the QAE technology offers some substantial advantages like cost efficiency and the availability during operation as well as the potential extension of the components` lifetime.
Margan could initiate further growth for the future by attracting RWE VC as a strategically fitting investor of the company. The partnership is seen as a win-win situation for both sides. "After the successful entry into North America, RWE offers the opportunity to enter the German and European power plant market", claims Margan`s President Avigdor Sapir.
Dr. Dietmar Bauer, Managing Partner at RWE Dynamics, feels confident about the sustainability of the company: "Margan`s technology holds the potential of outperforming conventional standards regarding the inspection of HEP. We therefore wish to accompany the expansion of the company."
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