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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.”
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