Energy Ventures has established a NOK 85 million Top-Up fund, Energy Ventures (B) IS, to provide additional investment capacity to its Energy Ventures II KS fund. The extension fund will allow Energy Ventures to support the portfolio companies further, which is expected to yield higher returns for the investors. The capital was raised from existing investors in the Energy Venture II KS fund with Argentum, Gjensidige and KLP as the largest investors.

Energy Ventures is a leading international venture capital company focusing on investments in the energy business in general and upstream oil and gas in particular. The company has offices in Stavanger, Houston and Aberdeen.

Energy Ventures II KS was originally established in April 2005 with committed capital of NOK 589 million. The fund is fully invested and has invested in eight companies, all with unique value propositions and a promising development. The fund's limited partners which now invest in the Top-Up fund include long term investors like Argentum, Gjensidige Forsikring and KLP.

"We are very pleased that our investors continue to place confidence in us. The present market conditions offers exciting opportunities, and this Top-Up fund will make it possible to develop our investments even further in order to maximise return for our investors," says managing partner Ole Melberg of Energy Ventures.

The Top-Up fund has a total committed capital of NOK 85,8 million of which Argentum, Gjensidige and KLP have invested a total of NOK 40 million. In addition to the above mentioned investors other Energy Ventures investors such as Jebsen Asset Management, Møbelmagasinet, DnBNOR, Solstad Invest, T. D. Veen, Melberg Investment, Intervest, Redback, Taxus and management participate in the new fund.

"Argentum has had the privilege of being a partner to Energy Ventures since 2003. Through this Extension Fund we and the other investors provide a vehicle that will allow for further investments and value creation to the joint benefit of the portfolio companies, the energy industry as well as the investors", says CEO of Argentum, Joachim Høegh-Krohn.

Energy Venture II KS is focusing on investments in venture stage technology companies within the upstream oil and gas sector. The companies in the portfolio are ARKeX, DeepFlex, Stingray Geophysical, Ziebel, PanGeo Subsea, Cubility, Ingrain and Sigma Offshore. The fund was built on the success of the Energy Ventures I fund, which has now exited six of its eight investments and delivered return in the top range of the venture capital industry. In January 2008, Energy Ventures also closed its third fund - Energy Ventures III - with a total commitment of NOK 1,340 million; from which it is now investing.

Energy Ventures applies four key investment criteria; groundbreaking technology, international markets, solid economic foundation, and portfolio companies management's ability to achieve goals in a co-operative manner.