EIC Rose Rock Adds Helmerich & Payne to Corporate Investor Roster
07 Setembro 2023 - 10:22AM
EIC Rose Rock, an early-stage VC fund focused on energy
technologies, today announced leading energy drilling solutions
provider Helmerich & Payne (NYSE: HP) is the newest corporate
investor partner participating in its platform. H&P joins
energy leaders Devon Energy (DVN), ONEOK (OKE) and Williams (WMB)
in investing in startups with technologies that advance energy
diversification, improve sustainability, and enhance the
operational efficiency of existing oil and gas assets while
creating a positive regional economic impact.
Spearheaded by Energy Innovation Capital (EIC), EIC Rose Rock is
a first-of-its-kind initiative that leverages the region’s oil and
gas heritage to attract, nurture and connect energy technology
startups to corporate investment partners for pilot and commercial
deployment opportunities to quickly validate and scale the nascent
technologies.
“The EIC Rose Rock team has established a proven track record of
helping to build energy tech startups,” said David Clouse, managing
director, EIC Rose Rock. “We’re honored that H&P sees the value
we’ve delivered in the initiative’s first year and has committed to
invest in our portfolio of disruptive companies as we build an
energy tech ecosystem that benefits the region and the world.”
The three-pronged Rose Rock platform includes:
- Rose Rock Bridge, an energy tech
incubator that provides non-dilutive pre-seed awards up to $100,000
to early-stage energy startups, office space and access to the
organization’s network of business resources.
- EIC Rose Rock, a targeted $50
million fund that provides seed through Series A funding to
emerging energy startups. The fund has made seven investments since
its launch in September 2022, with four companies committing to
creating jobs in the Tulsa region.
- EIC Fusion, which aligns EIC Rose
Rock portfolio companies’ technologies with the innovation agendas
of supermajors and large energy companies to accelerate the
commercialization and adoption of new technologies while supporting
R&D needs.
“Since 1920, H&P has been committed to industry-leading
levels of drilling productivity and reliability. We are continuing
that legacy with a strategy focused on long-term profitable growth
and high-quality innovative products and services that support the
energy transition and expansion of energy sources,” said Chris
Miller, Director, H&P Ventures. “Maintaining a leadership
position in this industry means planning ahead, and this investment
in EIC Rose Rock enables H&P to do that with other leaders in
the energy industry.”
“Tulsa has a once-in-a-lifetime opportunity to leverage its
energy assets and position itself as a hub for energy tech research
and commercialization,” said Jennifer Hankins, managing director of
Tulsa Innovation Labs (TIL). “By diversifying investments in the
industry, we will be able to diversify and future-proof energy job
opportunities in the region.” The Rose Rock initiative was
conceived by TIL, an organization founded by the George Kaiser
Family Foundation to foster a regional technology hub.
About Tulsa Innovation LabsRecognizing that the
jobs of the future are rooted in a thriving innovation economy, the
George Kaiser Family Foundation pioneered Tulsa Innovation Labs to
develop a city-wide strategy that positions Tulsa as a tech hub
that leverages the strengths of the Heartland. Through a diverse
coalition of public and private partners, TIL is creating programs
that seek to make Tulsa the nation’s most inclusive tech
community.
About EIC Rose RockEIC Rose Rock is a unique
long-term partnership between George Kaiser Family Foundation’s
tech-focused development arm, multiple Fortune 500 energy leaders,
and the premier venture capital fund, Energy Innovation Capital
(EIC). EIC Rose Rock provides early-stage funding for visionary
entrepreneurs developing energy technologies that advance energy
diversification, improve sustainability and enhance the operational
efficiency of existing oil and gas assets. To learn more, visit
www.eicroserock.com.
About Energy Innovation CapitalEnergy
Innovation Capital is the premier capital provider for innovators
serving the energy industry. EIC provides early and growth-stage
funding for visionary entrepreneurs tackling global energy
challenges with transformative, market-leading solutions. EIC's
team leverages our industry expertise, networks and collaborative
approach to help talented entrepreneurs push the boundaries of
what's possible and build great companies. To learn more, visit
www.energyinnovationcapital.com.
Press Contact:
Bethany Hilt, Hilt Strategic Communications LLC
hiltb@hiltstrategiccommunications.com
Phone: 1+ 330.338.6633
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