- February 01, 2019
Houston-based Eunike Ventures, a venture capital group with an accelerator for oil and gas startups, has partnered with three large energy firms to explore new technologies.
Eunike Ventures, which launched in Houston a few weeks ago, has formed an alliance with The Woodlands-based Anadarko Petroleum Corp. (NYSE: APC), Equinor Technology Ventures, a subsidiary of Norway-based Equinor ASA (NYSE: EQNR), and New York-based Hess Corp. (NYSE: HES) to find startup tech breakthroughs in the oil and gas industry. The group plans to add two additional alliance partners in the energy industry this year. Eunike Venture’s formal alliance with these large oil and natural gas operators will serve as an accelerator for energy startups, giving the latter an opportunity to potentially field test new technologies in front of publicly traded energy giants.
Eunike Ventures told the Houston Business Journal that the it aims to invest in four to five startups with deliverable products and the potential for field tests in 2019. The for-profit group already has one company in its portfolio: Houston-based Nesh, which develops a smart assistant for oil and gas companies.
“Technology can be a game-changer for us, especially by finding and adopting innovative approaches faster,” said Rob Fast, chief technology officer for Hess Corp., in the statement. “We’re encouraged by what we have seen so far and believe this unique collaboration can help deliver solutions.”
Eunike Ventures is led by co-founder and CEO Amy Henry and has three additional employees. Henry told the HBJ that Eunike will make money by taking between 4 percent and 8 percent in equity from the companies it invests in. The group is also taking investments from other institutions, corporate sponsors and high net worth individuals, Henry said. The group’s alliance partners also pay an undisclosed fee to work with Eunike, but are not required to invest additional capital in the program.
“It’s critical to work with experts who have operational experience in integrating oil and gas products and services,” Henry said in the statement from Eunike Ventures. “We can help facilitate technology trials that are done right with process safety in mind and minimal disruption to ongoing operations.”
