TULSA, Okla., Sept. 07, 2023 (GLOBE NEWSWIRE) — 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 Labs
Recognizing 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 Rock
EIC 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 Capital
Energy 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.