Shell Technology Ventures (STV), the corporate venturing unit of the eponymous Anglo-Dutch oil major, has increased its minority stake in US-based WellDog following a successful beta trial of its proprietary shale gas reservoir testing service.
In February 2015, Shell had made its initial minority investment in WellDog through its Shell Technology Ventures after, in October 2014, the two companies made a development collaboration to adapt WellDog’s Reservoir Raman System to find shale gas and oil formations.
Carl Stjernfeldt, STV’s representative for Welldog, said: “Shell Technology Ventures invested in Welldog in 2014 and we have been pleased with their performance in a very challenging market environment.
“In fact, following a couple of field trials, the strengthening of their leadership team, and further evolution of their product vision, we decided to increase our ownership. We look forward to their continued success.”
In June 2011, WellDog raised $5m in new debt and equity financing, led by strategic investment company ProX and included participation by members of Sacramento Angels, Houston Angels, and some of the successful entrepreneurs behind Pure Energy, as well as expanded investment from the Brisbane Angels.