OKE - EIC Rose Rock Investment Aims To Improve The Efficiency Of Midstream Assets | Benzinga
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 ...