Energy leaders invest in energy technology start-ups

Spearheaded by EIC, the first-of-its-kind initiative aims to attract energy technology start-ups to the region with access to resources including free office space and custom start-up support services. EIC will also provide access to early-stage capital with a US$50 million fund, and assist start-ups to pilot forward-looking technologies with founding corporate partners, DVN, OKE and WMB. By fuelling R&D and innovation, the project is expected to create more than 1700 jobs across the energy industry.

“The EIC team has a proven track record in investing and helping build energy tech start-ups, including market leaders in solar, wind, grid management and the sustainability of traditional energy that represent more than US$20 billion in market value in aggregate,” said Kevin Skillern, Managing Partner at EIC. “We’re honoured for the opportunity to build an energy tech ecosystem that spurs the creation of new, disruptive companies.”

This multi-prong collaboration will include the following:

EIC Rose Rock: A targeted US$50 million fund to lead Seed and Series A rounds for early-stage energy technology companies. Initial investors, which include the George Kaiser Family Foundation, DVN, OKE and WMB, have already committed US$30 million, and will be supplemented by an ecosystem of other national and regional investors.

EIC Fusion: A programme offering energy corporations support to supercharge their innovation agendas, EIC Fusion works with corporations to identify strategic areas of focus for each firm and connects them with leading start-ups developing solutions aligned with their R&D needs. The programme is operated by EIC, and DVN, OKE and WMB, will leverage the programme to support their corporate innovation agendas.

Rose Rock Bridge: An energy technology incubator programme, located in Tulsa, will provide support to early-stage energy technology companies including up to US$100 000 of non-dilutive capital, office space and services to accelerate commercialisation.

Rose Rock Bridge is accepting applications from companies starting today and qualifying companies will be accepted on a rolling basis.

“The Rose Rock initiative will give Devon and our partners direct access to advanced technologies and creative talent right here in Oklahoma,” said Trey Lowe, Vice President and Chief Technology Officer, Devon Energy. “We are excited to foster and expedite ground-breaking solutions to positively impact lives everywhere, and know that disruption and continuous improvement are necessary to meet growing energy demands while reducing environmental impact.”

“Our expansive energy infrastructure and midstream operating expertise position us well to play a vital role in a sustainable and transforming energy future,” said Greg Lusardi, Senior Vice President, Corporate Development of ONEOK. “Working with our fellow energy companies, EIC and the George Kaiser Family Foundation is a good fit as ONEOK’s long-term business strategy includes potential renewable energy and low-carbon investment opportunities that contribute to long-term growth, profitability and business diversification.”

“Williams is committed to delivering the next generation of energy by leveraging our natural gas and emerging energy infrastructure together with new technologies that help our customers achieve their decarbonisation goals,” said Chad Zamarin, Senior Vice President, Corporate Strategic Development, Williams. “Establishing this fund, together with like-minded peers, the George Kaiser Family Foundation, and EIC, is a catalyst to accelerate the innovations that will enable our nation to continue meeting society’s growing demand for clean energy.”

The initiative was conceived by TIL, an organisation founded by the George Kaiser Family Foundation to build a tech hub in Tulsa that leverages the strengths of the Heartland and expands inclusive opportunities in tech. TIL identified the opportunity for the region to meet the country’s energy needs over the coming years by investing in a diverse range of emerging energy 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 commercialisation,” said Nicholas Lalla, Managing Director of Tulsa Innovation Labs. “By diversifying investments in the industry, we will be able to diversify and future-proof energy job opportunities in Tulsa.”

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