David Clouse (pictured) has left BP Ventures, the early-stage investment arm of oil and gas supplier BP, to head up venture capital firm Energy Innovation Capital (EIC)’s recently launched EIC Rose Rock fund as managing director.
EIC Rose Rock was formed by EIC and petroleum producers Devon Energy, Onoek and Williams together with economic development organisation Tulsa Innovation Labs.
The vehicle is based in the state of Oklahoma and will invest in local energy technology developers out of a fund with a $50m target. It has so far closed $30m in capital and is seeking additional capital from local and national backers.
Greg Lusardi, Oneok’s senior vice-president of corporate development, said: “Our expansive energy infrastructure and midstream operating expertise position us well to play a vital role in a sustainable and transforming energy future.
“Working with our fellow energy companies, EIC and the George Kaiser Family Foundation is a good fit as Oneok’s long-term business strategy includes potential renewable energy and low-carbon investment opportunities that contribute to long-term growth, profitability and business diversification.”
The move comes after 16 years at BP for Clouse, who joined as an investment manager before moving to a principal position at BP Ventures in early 2020. He was named a GCV Emerging Leader in February this year.
Clouse invested out of Houston, Texas and had a background in biofuels. In addition to overseeing deals for companies including carbon capture technology developer Carbonfree and telematics technology provider Zubie, he also analysed potential risk and return for investments in general.
EIC Rose Rock will invest at seed and series A stage and its limited partners include all three corporates as well as George Kaiser Family Foundation. It was launched alongside a sister incubator, Rose Rock Bridge, which will provide services and non-dilutive funding.
