Press release

Robotic Inspection of In-Service Diesel Storage Tank a Success

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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.

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Square Robot's autonomous robot in preparation for deployment (Photo: Business Wire)

Square Robot’s autonomous robot in preparation for deployment (Photo: Business Wire)

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.
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 or
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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.


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.