NORTH KINGSTOWN – Clarke Industrial Engineering Inc. completed a $5.5 million round of Series B funding Wednesday. The company, which does business under the name Clarke Valve, said the funding will allow the company to launch a proprietary solution for reducing fugitive emissions (often methane) in industrial facilities as well as a retrofit application for competitor’s valves in the industrial marketplace.
The company, which produces control valves for oil and gas companies, power companies, for advanced water systems and chemical plants, said that this round of venture funding was lead by OGCI Climate Investments, but also included Saudi Aramco Energy Ventures and Chevron Technology Ventures. The company noted that this most recent round brought the company to $15.5 million in Series B funding and $23 million in total investments.
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“While our goal has always been to produce the world’s best performing valve, an equally important goal is to minimize methane emissions,” stated Kyle Daniels, president and CEO of Clarke Valve. “This new funding will enable Clarke to roll out its proprietary solution for reducing fugitive emissions and provide a retrofit solution for the majority of competitive valves in the marketplace. The support of OGCI Climate Investments means our leading-edge technology will gain further visibility, helping us to capture market share and reduce fugitive methane emissions from legacy valve designs.”
Company Chairman Bill Dambrackas noted that the company’s investors included oil and gas companies that are “among the world’s leading valve users and valve experts,” calling their investment a “big vote of confidence” in the company’s vision.
The company was started by Daniels, who was an aerospace engineer in 2011, and who has been implementing aerospace design techniques into the design of industrial valves.
The fundraising-round leader, OCGI Investments, is an investment fund focused on the development of solutions for a “low-emissions future,” that was launched in 2016 by 13 oil and gas companies’ CEOs called the Oil and Gas Climate Initiative.
