The investment vehicle set up by General Electric, NRG Energy and ConocoPhillips earlier this year seals another deal.
Energy Technology Ventures, which is investing a $300m corporate-backed fund, has invested an undisclosed sum in US oil services company Glori Energy.
Energy Technology Ventures is backed by US-based conglomerate General Electric, US-based utility NRG Energy and ConocoPhillips and is backing Glori, which helps extract trapped oil from mature fields in an effort to increase production.
Kevin Skillern, GE Energy Financial Services’ managing director of venture capital and representative of Energy Technology Ventures, said: "Glori Energy’s technology revives oil fields with depleting production volumes, reclaiming oil at a fraction of the cost of drilling new wells. Energy Technology Ventures brings deep oil industry expertise and reach to help accelerate the commercialization of Glori Energy’s technology and achieve the scale required to significantly benefit consumers and the economy."
ETV has previously invested in Alta Devices, a solar energy company; Ciris Energy, which biochemically converts coal to methane; CoolPlanetBiofuels, which develops converts biomass into fuel and carbon; and Hara Software, a US-based environmental and energy software provider.