01/02/2010
Energy Ventures Sells Portfolio Company NovaDrill
Successful investment marks venture firm’s eighth exit in seven years
Energy Ventures III LP has announced that its Utah-based portfolio company, NovaDrill, has been sold to an unnamed strategic buyer. NovaDrill, established in August 2008, has developed an advanced downhole drilling technology that provides a complete directional drilling and formation evaluation system.
Energy Ventures, an independent specialist venture capital firm to the upstream technology space, has worked closely with NovaDrill for the past seventeen months and the sale marks the company’s second successful exit in the last six months. Previously owned by David Hall and Energy Ventures III LP, NovaDrill's system can substantially improve drilling efficiency and well productivity.
"NovaDrill has become a success story in less than two years. When we invested in the company, we were excited about supporting such pioneering technologies and working with the highly capable NovaDrill team. The transaction announced today is a confirmation of the technology’s unique capabilities and the strong efforts provided by NovaDrill with support from Energy Ventures. Based on the solid platform that has been established, we are certain that NovaDrill, its employees and the buyer will continue to succeed”, said Ole Melberg, Managing Partner of Energy Ventures.
Contact:
Jim Sledzik
Partner and President – Houston
281-768-6725
Helge Tveit
Partner - Stavanger
+47 51 84 12 92