Energy Tech VC adds to its investor roster
SUMMARY
Fund will leverage Oklahoma's oil and gas history to advance energy technologies.
By Dale LunanPOSTED IN:
EIC Rose Rock, an early-stage venture capitalist focused on energy technologies, said September 7 it had added drilling solutions provider Helmerich & Payne (H&P) to its list of corporate investor partners.
H&P joins Devon Energy, ONEOK and Williams 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 in Oklahoma.
Led by Energy Innovation Capital (EIC), EIC Rose Rock leverages Oklahoma’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 RoseRock platform includes Rose Rock Bridge, an energy tech incubator that provides non-dilutive seed awards up to $100,000 to early-stage startups; EIC Rose Rock, a targeted $50mn fund that provides seed through Series A funding to emerging energy startups; and EIC Fusion, which aligns EIC Rose Rock portfolio companies’ technologies with the innovation agendas of supermajors and large energy companies to accelerate commercialisation and adoption of new technologies.
EIC Rose Rock announced its first direct investment since its October 2022 launch in April 2023 when it participated in a $10mn fundraise for Aurora Hydrogen, which is developing a technology to use microwave energy to produce hydrogen with zero CO2 emissions. It has since made six other investments.
