DeepFlex, Inc., is a leading developer of flexible composite pipe for applications in deepwater oil and gas exploration and production, announced today that it has closed its second round of funding. Energy Ventures, a Norway-based energy venture capital firm, led a Series B round with existing investors CTTV Investments LLC, the venture capital arm of Chevron Technology Ventures LLC, and Altira, a Denver-based venture capital firm. DeepFlex will use this funding to accelerate the building of a second manufacturing plant and testing facility in Galveston, Texas.

DeepFlex is headquartered in Houston, Texas, and has operations in Galveston, Texas Manitowoc, Wisconsin, and Dundee Scotland to develop, manufacture and test non-metallic composite flexible pipe for use in deepwater and ultradeepwater oil and gas production. For more information about DeepFlex, see www.deepflex.com

"We are very pleased to have Energy Ventures join CTTV and Altira in funding the growth of DeepFlex. The investors' knowledge and understanding of the oil and gas exploration and production business will create new opportunities and enhance DeepFlex's ability to grow in the marketplace," said DeepFlex president, Bruce McConkey.

"DeepFlex's technology represents a very compelling value proposition for oil and gas companies," said Helge Tveit, partner with Energy Ventures. "We are also very pleased with the in-depth knowledge of the management team and the quality and expertise provided by Altira and CTTV."

For information: http://www.deepflex.com

Or contact: bruce.mcconkey@deeplex.com , phone +1 (832) 295 0112

About Altira

Altira is a venture capital firm focused on energy technology. Based in Denver, Colorado, the firm is investing from its fourth fund. For more information about Altira see www.altiragroup.com

About CTTV Investments LLC

CTTV Investments is the venture capital arm of Chevron Technology Ventures LLC. For more information see www.chevron.com/technologyventures