North Kingstown, RI – February 7, 2018 – Today, Clarke Industrial Engineering (“Clarke”) completed the sale of $10 million of Series B Preferred Stock to a group of investors led by Saudi Aramco Energy Ventures (“SAEV”). Chevron Technology Ventures (“CTV”) participated in the round.
Daniel Carter of SAEV US, stated, “Clarke’s unique Shutter Valve design provides a step change in control valve technology. We see wide ranging application for this new type of valve in the Oil and Gas industry and beyond”.
President & CEO of Clarke, Kyle Daniels states, “Saudi Aramco and Chevron, as two of the world’s largest companies who regularly purchase large quantities of control valves, have significant expertise in industrial valve technology. We are very honored that they recognize the value of our proprietary Shutter Valve design and have chosen to make significant investments in Clarke”.
Bill Dambrackas, Clarke’s Chairman, stated, “There hasn’t been much innovation in the $84 billion worldwide industrial valve market, therefore innovation is unexpected and slow to be embraced, so it’s especially rewarding for us to have these prestigious industry leaders share our vision”.
Other investors in Clarke’s Series B Preferred Stock round include New World Angels (“NWA”) who was the lead investor in Clarke’s Series A Preferred Stock round.
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of Aramco, the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, SAEV’s mission is to invest globally in start-up and high growth companies with technologies of strategic importance to Aramco.
For more information about SAEV, please visit www.saev.com.
Chevron Technology Ventures champions innovation and integration of emerging technologies into Chevron. We pursue innovative business solutions and externally developed technologies that have the potential to improve Chevron’s base business operations and champion their deployment and adoption into Chevron.
Clarke Industrial Engineering is committed to revolutionizing control valves through our proprietary Shutter Valve technology, serving the $84 billion worldwide industrial valve market.