NORTH KINGSTOWN, R.I.--(BUSINESS WIRE)--Clarke Valve today completed the sale of $5.5 million of Series B Preferred Stock to a group of investors led by OGCI Climate Investments. Along with funding from Saudi Aramco Energy Ventures and Chevron Technology Ventures, Clarke has now raised $15.5 million of Series B funding.
Clarke’s patented Shutter Valves are typically 1/5th the weight, 1/5th the size and 1/5th the cost of equivalent legacy valves, providing substantial benefits to users of industrial control valves in many industries. In addition, Clarke valves are currently the only control valves in the world to achieve the stringent American Petroleum Institute (API) 641 certification for low fugitive emission performance. Fugitive emissions from legacy valve designs is the cause of significant methane emitted to the atmosphere from industrial facilities.
Pratima Rangarajan, CEO of OGCI Climate Investments, said “We are pleased to support the Clarke team in its journey to reach a global market. We believe that the Clarke Valve technology can address fugitive methane emissions in a meaningful way.”
Kyle Daniels, President & CEO of Clarke Valve said, "While our goal has always been to produce the world’s best performing valve, an equally important goal is to minimize methane emissions. This new funding will enable Clarke to roll out its proprietary solution for reducing fugitive emissions and provide a retrofit solution for the majority of competitive valves in the marketplace. The support of OGCI Climate Investments means our leading-edge technology will gain further visibility, helping us to capture market share and reduce fugitive methane emissions from legacy valve designs.”
Bill Dambrackas, Chairman of Clarke Valve, said, "Clarke has now raised over $23 million from investors, many of which are affiliated with oil & gas companies that are among the world's leading valve users and valve experts. Their choice to invest in Clarke Valve is a big vote of confidence in validating our vision. Also, many of our previous and original investors participated in this round, including New World Angels (NWA) and Ocean Azul. We continue to appreciate their support and we join them, along with Saudi Aramco Energy Ventures and Chevron Technology Ventures in welcoming OGCI Climate Investments to our team.”
About OGCI Climate Investments
OGCI Climate Investments LLP is a billion-dollar investment fund focused on initiating practical actions to deliver solutions for a sustainable, low-emissions future. The fund invests in technologies that have the potential to significantly reduce greenhouse gas emissions, are economically viable, ready to be commercialized, and deployed at scale. It was launched in November 2016 by the Oil and Gas Climate Initiative, a voluntary initiative led by CEOs of 13 global oil and gas companies. For more information, please visit www.oilandgasclimateinitiative.com.
About Clarke Valve
Clarke Valve is an innovative valve design & manufacturing company disrupting the industrial flow control market, utilizing advanced aerospace design techniques. The Shutter Valve is a full-bore control valve that virtually eliminates fugitive emissions. Our innovative design provides ideal attributes for industrial control valves, including unsurpassed flow rate, zero pressure drop, zero leakage, and reduced cavitation & pitting, resulting in improved wear/maintenance characteristics and precise flow control. The Company’s standard products are engineered to meet customer needs and are assembled at our headquarters in Rhode Island. For more information, please visit www.clarkevalve.com.
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