Clarke Valve Closes $10 Million Venture Funding
NORTH KINGSTOWN, R.I., March 31, 2020 (Newswire.com) - Clarke Valve ("Clarke") today completed the sale of $10 million of Series C Preferred Stock to a group of investors led by YBA Kanoo Group ("Kanoo").
Ali Abdulla Kanoo, President of the Kanoo Industrial & Energy division, said “We are delighted to announce this partnership with Clarke Valve, innovator of the world’s finest control valve technology, and portfolio company of Saudi Aramco Energy Ventures. The synergistic relationship between Saudi Aramco, Clarke Valve, and YBA Kanoo is perfectly poised to capitalize on the rapid growth of the company, and strategic vision of Clarke’s founder, Kyle Daniels.”
Kyle Daniels, President and CEO of Clarke Valve, said, "We're extremely grateful to YBA Kanoo, Mr. Ali Abdulla Kanoo, and all of our investors. We believe Saudi Aramco and other producers in the GCC will generate strong demand for control valves over the long term and Clarke is now uniquely positioned to satisfy that demand. Clarke’s Shutter Valves have a proven track record with hundreds of successful field installations around the world. With their high flow rate, precise control, reduced emissions, low cost and low operating torque, we believe our valves perfectly meet the needs of Aramco after going public and increasing production capacity. Clarke remains dedicated to our partnerships in the Americas and Europe, through Chevron and the Oil & Gas Climate Initiative. We also enthusiastically support Saudi Aramco’s In Kingdom Total Value Add (IKTVA) directives and Crown Prince Mohammed bin Salman’s directives under Vision 2030. Partnering with Kanoo will provide the final key for Clarke to begin large-scale deployment in refinery applications within Aramco and the GCC. This should put us one step closer to our worldwide vision: To secure significant share in the $84 billion industrial valve market with technology that can’t be matched."
Bill Dambrackas, Chairman of Clarke Valve, said, "Clarke has now raised over $33 million from investors, many of which are affiliated with oil & gas companies that are among the world's leading valve users and valve experts. Current investors also participating in this round include Saudi Aramco Energy Ventures, Chevron Technology Ventures, OGCI Climate Investments, New World Angels and Ocean Azul Partners. We appreciate their continuing support, especially in light of current worldwide economic uncertainties, and we join them in welcoming Kanoo to our team.”
About YBA Kanoo Group:
YBA Kanoo is one of the largest, independent family-owned multinational businesses in the Middle East with an extensive portfolio of business units and strategic partnerships across a range of industry sectors. Established in 1890 in the Kingdom of Bahrain, the group has evolved into a diversified conglomerate with a physical presence across the Middle East, Africa, Europe and Asia.
With over 130 years of experience, ethical conduct and best-in-class partnerships, it has established itself as a first-choice partner for regional and international businesses and continues to pursue growth and expansion through the constant delivery of business excellence.
YBA Kanoo’s business activities include Private Equity, Real Estate, Shipping, Logistics, Travel, and Industrial Services in the Oil & Gas, Machinery and Power segments.
About Saudi Aramco Energy Ventures:
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of Saudi 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 its parent. For more information, visit www.saev.com.
About Clarke Valve:
Founded in 2011, Clarke Valve provides high-quality industrial control valves to organizations worldwide and is a portfolio company of Saudi Aramco Energy Ventures, Chevron Technology Ventures, and OGCI Climate Investments. Using aerospace design principles, Clarke has developed the Shutter Valve™, the first major innovation in valve design in the last 50 years. The Shutter Valve is the first control valve to achieve both API 641 and ISO 15848-1 certification, making it the world’s most compact, efficient, and environmentally responsible control valve. Clarke Valve technology is currently deployed in a diverse spectrum of markets, including oil and gas, aerospace, chemical, power plants, and water management.
Steven Wall, Vice President, Finance
For more information on:
Clarke Valve - www.clarkevalve.com
YBA Kanoo Group - www.kanoo.com
Saudi Aramco Energy Ventures - www.saev.com
Chevron Technology Ventures - www.chevron.com/technology/technology-ventures
OGCI Climate Investments - www.oilandgasclimateinitiative.com
New World Angels - www.newworldangels.com
Ocean Azul Partners - www.oceanazulpartners.com
©2020 Clarke Valve. All rights reserved. Clarke Valve and Shutter Valve are trademarks of Clarke Valve and may be registered in the U.S. Patent and Trademark Office. All other trademarks and registered trademarks are the property of their respective owners.
Source: Clarke Valve
Categories: Business News