Energy Ventures closes its third fund at $243M

Funding round closed

Energy Ventures has closed its third venture fund, Energy Ventures III with $243 million to invest in petroleum-related technology companies.

Previous investors together with new investors, Temasek Holdings, LGT Capital Partners, LMS Capital, Partners Capital and Keppel Offshore & Marine, backed the fund.

Energy Ventures first fund Energy Ventures I was established in 2002, while the second, Energy Ventures II was set up in 2005. This fund was fully invested by the end of 2007, but has not yet made any divestments.

“We are very pleased with the feedback we have received in the international market, and due to the strong interest among institutional investors we decided to increase the size of the fund to NOK 1.34 billion [about €166 million],” said Ole Melberg managing in Energy Ventures, which has offices in Stavanger, Norway,  Houston, Texas and Aberdeen, Scotland.

“It is especially interesting to welcome leading Singapore-based investors. The oil and gas industry is rapidly expanding its activities in Asia and we believe our portfolio companies will benefit from the support of investors with a strong presence in this region.”

As with the previous funds, Energy Ventures III will apply four key criteria when choosing companies in which to invest: groundbreaking technology, sustainable economics, scalability in an international product or services market, and a cooperative management with a proven ability to reach its goals.