Clarke Valve Closes $5.5 Million Venture Funding Round Led by OGCI Climate Investments
Clarke Valve today completed the sale of $5.5 million of Series B
Preferred Stock to a group of investors led by OGCI Climate Investments.
Along with funding from Saudi Aramco Energy Ventures and Chevron
Technology Ventures, Clarke has now raised $15.5 million of Series B
funding.
Clarke’s patented Shutter Valves are typically 1/5th the
weight, 1/5th the size and 1/5th the cost of
equivalent legacy valves, providing substantial benefits to users of
industrial control valves in many industries. In addition, Clarke valves
are currently the only control valves in the world to achieve the
stringent American Petroleum Institute (API) 641 certification for low
fugitive emission performance. Fugitive emissions from legacy valve
designs is the cause of significant methane emitted to the atmosphere
from industrial facilities.
Pratima Rangarajan, CEO of OGCI Climate Investments, said “We are
pleased to support the Clarke team in its journey to reach a global
market. We believe that the Clarke Valve technology can address fugitive
methane emissions in a meaningful way.”
Kyle Daniels, President & CEO of Clarke Valve said, "While our goal has
always been to produce the world’s best performing valve, an equally
important goal is to minimize methane emissions. This new funding will
enable Clarke to roll out its proprietary solution for reducing fugitive
emissions and provide a retrofit solution for the majority of
competitive valves in the marketplace. The support of OGCI Climate
Investments means our leading-edge technology will gain further
visibility, helping us to capture market share and reduce fugitive
methane emissions from legacy valve designs.”
Bill Dambrackas, Chairman of Clarke Valve, said, "Clarke has now raised
over $23 million from investors, many of which are affiliated with oil &
gas companies that are among the world's leading valve users and valve
experts. Their choice to invest in Clarke Valve is a big vote of
confidence in validating our vision. Also, many of our previous and
original investors participated in this round, including New World
Angels (NWA) and Ocean Azul. We continue to appreciate their support and
we join them, along with Saudi Aramco Energy Ventures and Chevron
Technology Ventures in welcoming OGCI Climate Investments to our team.”
About OGCI Climate Investments
OGCI Climate Investments LLP is a billion-dollar investment fund focused
on initiating practical actions to deliver solutions for a sustainable,
low-emissions future. The fund invests in technologies that have the
potential to significantly reduce greenhouse gas emissions, are
economically viable, ready to be commercialized, and deployed at scale.
It was launched in November 2016 by the Oil and Gas Climate Initiative,
a voluntary initiative led by CEOs of 13 global oil and gas companies.
For more information, please visit www.oilandgasclimateinitiative.com.
About Clarke Valve
Clarke Valve is an innovative valve design & manufacturing company
disrupting the industrial flow control market, utilizing advanced
aerospace design techniques. The Shutter Valve is a full-bore control
valve that virtually eliminates fugitive emissions. Our innovative
design provides ideal attributes for industrial control valves,
including unsurpassed flow rate, zero pressure drop, zero leakage, and
reduced cavitation & pitting, resulting in improved wear/maintenance
characteristics and precise flow control. The Company’s standard
products are engineered to meet customer needs and are assembled at our
headquarters in Rhode Island. For more information, please visit www.clarkevalve.com.
©2018 Clarke Valve. All rights reserved. Clarke Valve and Shutter Valve
are trademarks of Clarke Valve and may be registered in the U.S. Patent
and Trademark Office. All other trademarks and registered trademarks are
the property of their respective owners.
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Copyright Business Wire 2018
Source: Business Wire
(September 25, 2018 - 9:00 AM EDT)
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