State-owned energy companies Williams, ONEOK and Devon Energy are working with venture capital firm Energy Innovation Capital (EIC) and technology-focused non-profit Tulsa Innovation Labs (TIL) to turn the region into a hub for energy tech startups. I’m trying to change it to
Led by EIC, the initiative aims to attract energy technology start-ups to the region with access to resources such as free office space and custom startup support services. EIC will also provide access to early-stage capital in a $50 million fund that will help startups look to the future, along with Tulsa-based Williams and his ONEOK, and Oklahoma City-based Devon Energy. Assist in piloting technology.
By fostering research and development and innovation, the project is expected to create more than 1,700 jobs across the energy industry over the next five to 10 years, proponents say.
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“The EIC team has a proven track record of investing in and helping build energy technology start-ups, including market leaders in solar, wind, grid management and traditional energy sustainability, with a combined market value of $200. Over a billion dollars,” said Kevin Skillern. EIC’s managing partner said in a statement: “We are honored to be given the opportunity to build an energy technology ecosystem that fosters the creation of new disruptive companies.”
This collaboration includes:
EIC Rose Rock: This is a $50 million fund aimed at leading seed and series A rounds of early-stage energy technology companies. Early investors including George Kaiser Family Foundation, Devon Energy, ONEOK and Williams have already pledged $30 million to him, with national and regional investors expected to make up for this. Energy Innovation Capital is headquartered in San Francisco, but also has an office in Houston.
EIC Fusion: EIC Fusion is a program that helps energy companies strengthen their innovation agenda by working with them to identify their strategic focus areas and develop solutions to meet their R&D needs. Connect companies with leading start-ups in the market. The program is run by his EIC and will be leveraged by Devon Energy, ONEOK and Williams to support corporate innovation agendas.
Rose Rock Bridge: An energy technology incubator program developed by TIL that provides early-stage energy technology companies with up to $100,000 of undiluted capital, office space and services to accelerate commercialization. Rose Rock Bridge has raised $10 million for him over the next five years.
Rose Rock Bridge is now accepting applications from companies, and eligible companies will be accepted on a rolling basis. For more information, visit roserockbridge.org.
Devon Energy Vice President and Chief Technology Officer Trey Lowe said in a statement: “We are excited to promote and advance breakthrough solutions that positively impact lives everywhere, and meeting growing energy demands while reducing our environmental impact requires disruptive and continuous We know we need to improve.”
Greg Lusardi is Senior Vice President of Corporate Development at ONEOK.
“Our extensive energy infrastructure and expertise in midstream operations will enable us to play a key role in a sustainable and changing energy future,” Lusardi said in a statement. together with fellow energy companies EIC and the George Kaiser Family Foundation as they contain renewable energy and low-carbon investment opportunities that can contribute to long-term growth, profitability and business diversification. It’s a good fit to work together.”
Chad Zamarin is Senior Vice President of Corporate Strategy Development at Williams.
“Williams is committed to delivering the next generation of energy by leveraging our natural gas and emerging energy infrastructure along with new technologies to help our customers reach their decarbonization goals.” he said in a statement. “Establishing this fund with like-minded colleagues George His Kaiser His Family Foundation and His EIC will accelerate innovation that will enable our country to continue to meet society’s growing demand for clean energy. It will be a catalyst for
The initiative was conceived by TIL, an organization founded by the George Kaiser Family Foundation to build a technology hub in Tulsa. TIL has identified opportunities for the region to meet the country’s energy needs over the next few years by investing in a variety of emerging energy technologies.
Nicholas Lalla, managing director of Tulsa Innovation Labs, said in a statement: “By diversifying our investment in the industry, we can help diversify and future-proof the energy employment opportunities in Tulsa.”
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