Energy Ventures has established its fourth venture investment fund, with a total committed capital of USD 350 million (NOK 2 billion). The new fund will continue the successful strategy in line with the previous EV funds and invest in petroleum-related technology companies. Energy Ventures IV is backed by renowned international and Norwegian investors.

Energy Ventures is a leading international venture capital investor focusing on investments in early stage technology companies with significant growth potential within the upstream oil and gas sector in particular.

“We’re pleased to announce the completion of raising the fourth Energy Ventures investment fund at the maximum of our intended range of USD 250 to USD 350 million. We have received positive feedback from our loyal investor group. We are of the firm opinion that the timing for making oil and gas focused technology investments is good. The macro indicators have developed favorably over the past year. The world will remain dependent on oil and gas as the main energy source for years to come. With conventional oil and gas resources more difficult to find, develop and produce and with new unconventional oil and gas resources providing new opportunities, the need for new technology products and solutions is there as never before. Thus we see exciting opportunities ahead”, says managing partner Ole Melberg in Energy Ventures.

Its first fund – Energy Ventures I – was established in 2002, and ranks among the best venture and private equity funds in terms of return to investors on a world wide basis. Energy Ventures II was established in 2005, while Energy Ventures III was established in 2007. In total Energy Ventures has around USD 750 million under management – including Energy Ventures IV.

Since the first and second close at USD 222 million in September 2010, the fund’s advisors have in the main focused on international investors for the subsequent closings of Energy Ventures IV. The list of investors includes previous Energy Ventures investors like Temasek, Argentum, KLP, Keppel, Klaveness Invest AS, Storebrand, Jebsen Asset Management AS and DnBNOR. In addition the new fund is pleased to welcome international investors like SL Capital Partners, UTIMCO (University of Texas Investment Management Company), Meketa Investment Group and Parish Capital.

“Energy Ventures has a world wide mandate, but maintain its main focus on making investment in Northern Europe, UK and North America. However, as the only VC oil and gas energy technology investor with a true global reach, Energy Ventures has physical presence in Stavanger, Aberdeen, Houston and has strong network partners in Brazil, the Middle East and in Singapore enabling us to search for investment and growth opportunities in a truly international industry”, says Ole Melberg.

To achieve its investment objectives, EV focuses on companies with technologies and services that are well aligned with the mid- and long-term trends in the industry. As for the previous funds, Energy Ventures IV will apply four key criteria when choosing companies in which to invest; groundbreaking technology, realistic financial projections, international and scalable market, and a cooperative management with a proven ability to reach its goals.

“For years there has been a slow pace of innovation despite the strong need for new technology in the E&P sector. Our goal is to assist in bringing high impact technology products and solutions faster to the market. In this way we are doing our bit to bring abundant, clean and safe energy to the market at affordable prices. With our specialist approach and unique offering we are confident that Energy Ventures is positioned to succeed well in the years to come”, said Energy Ventures Partner, Kjell E. Jacobsen,

Late 2010 Energy Ventures IV made its first investment when investing in the US company Wireless Seismic. It is believed that 2011 and 2012 will be active years for Energy Ventures focusing both on exiting and continued stewardship of the current portfolio as well as making further investments in the new fund.

Energy Ventures IV has been advised by law firm CLP DA in Oslo and Bedell Cristin Guernsey Partnership.

The Aztec Group acts as the fund’s administrator in Guernsey.