Alliance formed to support innovative technology start-ups in oil and gas

1/28/2019

HOUSTON -- EUNIKE Ventures announces the formation of a formal alliance with oil and natural gas operators Anadarko, Equinor Technology Ventures and Hess Corporation to identify start-up technologies that could lead to breakthroughs in the oil and natural gas industry. The Houston-based alliance, called a Hybrid Accelerator for Energy Technology, aims to identify, screen and rapidly pilot/deploy emerging technologies. This collaborative approach is the first of its kind for the oil and natural gas industry.

Under the terms of the alliance, promising technology start-ups will be screened by EUNIKE Ventures. The operator alliance members will review qualifying start-ups for potential participation in pilot tests. Successfully piloted technology may then be considered for scaling and commercialization.

“This is consistent with our mission to accelerate the way Anadarko adopts emerging technologies,” said Anadarko V.P. and Chief Technology Officer Sanjay Paranji. “Instead of learning individually, we view the alliance with our peer operators as a way to collectively share knowledge and rapidly innovate. We are excited about the potential this collaboration holds.”

Kristin Aamodt, Managing Director for Equinor Technology Ventures, said that proving a new technology is a major milestone for startups when they are in the early stage. “Accelerating this process through the Eunike Alliance pilot program will help start-ups qualify the technology early on while increasing the understanding of the operators. This will enable new high-impact technologies to reach the market quickly,” she said.

“Technology can be a game-changer for us, especially by finding and adopting innovative approaches faster,” said Rob Fast, Chief Technology Officer for Hess Corporation. “We’re encouraged by what we have seen so far and believe this unique collaboration can help deliver solutions that increase productivity and create superior value for our shareholders.”

Services offered

The alliance follows an iterative, rapid, parallel process that is akin to design thinking and draws on two EUNIKE Ventures services – hybrid accelerator and venture capital.

Hybrid accelerator provides selected start-ups with a venue to connect with alliance operators Anadarko, Equinor and Hess, and to potentially field test their new technologies. EUNIKE will provide hands-on support, working with the start-ups through the process, sharing its experience and connecting them with an extensive network of subject matter experts, advisors and investors.

“It’s critical to work with experts who have operational experience in integrating oil and gas products and services,” said Amy Henry, CEO, EUNIKE Ventures. “We can help facilitate technology trials that are done right with process safety in mind and minimal disruption to ongoing operations.”

EUNIKE Ventures also provides venture companies access to seed money at appropriate stages of the start-up’s efforts. After pilot success, additional capital may be provided during the commercialization phase. This funding effort will be led by seasoned venture capitalists under the guidance of an advisory group that has energy experience and is not funded or governed by the alliance operators.

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