TULSA, Okla., Dec. 07, 2023 (GLOBE NEWSWIRE) -- EIC Rose Rock, an early-stage VC fund focused on energy technologies, today announced its direct investment into Fluid Efficiency, a California Institute of Technology-originated start-up that has developed polymer materials that increase the efficiency of midstream assets by reducing the energy required to pump fluids across long distances.
EIC Rose Rock was the lead investor in the $8.0 million Series A financing which included ONEOK, Inc. (NYSE: OKE) as a strategic investor as well as existing investor Rhapsody Venture Partners.
“We see the potential for significant financial returns to our investors through our investment in Fluid Efficiency, which delivers on our Rose Rock program mandates. We are working with ONEOK to deploy the technology, and we worked closely with the Rose Rock Bridge team to attract Fluid Efficiency to Tulsa that will result in 10 to 20 local jobs by the end of 2024,” said David Clouse, Managing Director of the EIC Rose Rock fund.
Simon Jones, Fluid Efficiency’s CEO, stated, “We are thrilled to become part of the EIC Rose Rock portfolio. Their investment highlights our shared excitement as Fluid Efficiency’s technology begins to impact the energy industry transition to higher-efficiency, safer and lower-carbon operating modes. We are particularly grateful for Rose Rock facilitating the relationship with ONEOK to accelerate the development of our midstream products.”
"ONEOK remains focused on exploring and investing in innovative technologies that can benefit our assets, operations, customers, employees and the communities in which we operate,” said Greg Lusardi, ONEOK senior vice president, corporate development. "We are looking forward to this opportunity with Fluid Efficiency and the potential benefits and value for our business and the industry.”
In addition to the investment from EIC Rose Rock, Fluid Efficiency has also been accepted into the Rose Rock Bridge program and been awarded a $100,000 non-dilutive grant to help build its manufacturing facilities in Tulsa. “Fluid Efficiency is ready to quickly scale-up and make an impact in the Tulsa community. We have enjoyed working with PartnerTulsa, InTulsa, and the Tulsa Regional Chamber to help find a physical location and hire workers here in Tulsa,” added Kastle Jones, Managing Director of Rose Rock Bridge.
EIC Rose Rock and Rose Rock Bridge have added eight portfolio companies since launching twelve months ago, with four companies committing to creating jobs in the Tulsa region. Four startups have been accepted to date into Rose Rock Bridge’s incubator, and more are pending.