Shell Technology Ventures (STV), the corporate venturing unit of the eponymous Anglo-Dutch oil major, has taken a minority stake in US-based WellDog after the two companies made a development collaboration to adapt WellDog’s Reservoir Raman System to find shale gas and oil formations.
John Pope, WellDog president and CEO, said: “We are impressed with STV’s focus and value-add, and of course they are one of the most sophisticated investment groups in the industry. We look forward to continuing our multifaceted collaboration with Shell directed at bringing key technical solutions to market to improve industry sustainability for the foreseeable future.”
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.