(Source: Shutterstock.com)
Drilling solutions provider Helmerich & Payne (H&P) is joining EIC Rose Rock, a venture capital fund focused on energy technologies, as the fund’s newest corporate investor partner, EIC Rose Rock said in a Sept. 7 press release.
Spearheaded by Energy Innovation Capital (EIC) and headquartered in Tulsa, Oklahoma, EIC Rose Rock connects energy technology startups to corporate investors to advance energy diversification technologies and improve the sustainability and operational efficiency of oil and gas assets.
H&P joins Devon Energy, ONEOK and Williams in investing in startups with such technologies.
“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 of 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.”
The three-pronged Rose Rock platform includes:
- Rose Rock Bridge, which 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 $50 million fund that provides seed through Series A funding to energy startups.
- EIC Fusion, which aligns EIC Rose Rock portfolio companies’ technologies with the agendas of supermajors and large energy companies to accelerate the commercialization of new technologies.
“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, the organization founded by the George Kaiser Family Foundation that created the Rose Rock initiative. “By diversifying investments in the industry, we will be able to diversify and future-proof energy job opportunities in the region.”
Recommended Reading
US NatGas Prices Rise More Than 2% on Hot-weather Forecasts
2024-07-12 - U.S. natural gas futures rose more than 2% on July 12 after touching their lowest in close to two-months earlier.
Hurricane Threatens LNG and Power Demand as Francine Forms in GoM
2024-09-09 - LNG export plants and offshore oil platforms in the Gulf of Mexico are already taking a hit as as Francine strengthens.
OPEC+ Agrees to Delay October Output Hike for Two Months, Sources Say
2024-09-05 - Oil prices edged up from multi-month lows on reports of an OPEC+ delay as well as a decline in U.S. inventories, though gains were capped by persistent demand concerns.
New Fortress Energy Receives OK to Export LNG to Non-FTA Countries
2024-09-03 - New Fortress Energy has been authorized to export up to nearly 1.4 mtpa of LNG to non-FTA countries from its Fast LNG 1 project for a term of five years.
What's Affecting Oil Prices This Week? (Sept. 16, 2024)
2024-09-16 - With expectations for more favorable supply/demand fundamentals and improvement in the sentiment of oil traders, Stratas Advisors forecast higher oil prices with the price of Brent crude moving back above $80.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.