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Press Release

Clarke Valve Closes $5 Million in Series D Funding, Led by Flowserve Corporation

Published by Todd Bush on July 28, 2022

NORTH KINGSTOWN, R.I., July 26, 2022 /PRNewswire/ -- Clarke Valve closed a Series D Preferred Stock 5-million-dollar funding round. This Series D round was led by Flowserve Corporation, a leading provider of flow control products and services for the global infrastructure markets. Additional funding was provided by OGCI Climate Investments, Saudi Aramco Energy Ventures, Chevron Technology Ventures, and New World Angels.

"We are delighted to welcome Flowserve, a global leader in flow control offerings, as an investor in Clarke Valve. We are looking forward to working with Flowserve to accelerate the commercial expansion of Clarke Valve's technology and therefore grow its impact," Vice President Stakeholder Management for OGCI Climate Investments, Roger Humphreville said. "Clarke Valve's technology helps companies sharply reduce methane leaks, a vital near-term element of the world's push to curb greenhouse gas (GHG) emissions."

"Clarke Valve is pleased to welcome Flowserve to our family of world class investors. We all share the same vision of utilizing cutting-edge flow control technology to create a positive impact for industry, the environment, and our shareholders," said Clarke Valve's CEO, Kyle Daniels.

"We look forward to the mutual opportunities this investment will provide Flowserve and Clarke Valve," said Scott Rowe, Flowserve president and chief executive officer. "As we continue to advance Flowserve's Diversification, Decarbonization and Digitization strategy, this partnership will allow us to better support our customers with Clarke Valve's innovative valve technologies and together help make the world a better place for everyone."

OGCI Climate Investments

OGCI Climate Investments manages funds focused on driving substantial reduction in carbon emissions and was formed by the Oil & Gas Climate Initiative, a CEO-led initiative of major global oil & gas companies. OGCI aims to lead the industry's response to climate change through action and independently managed investments.

The firm invests in innovations, technologies, and projects to decarbonize under-invested GHG-intensive sectors within energy, industry, built environments/buildings and transportation. OGCI CI looks for outcomes that avoid or reduce methane or carbon dioxide emissions, recycle or store carbon dioxide. Since 2017, it has invested in over 29 technologies and projects which have realized over 30MT CO2 equivalent in the period 2019-2021.

Flowserve Corporation

Flowserve Corp. is one of the world's leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company's Web site at www.flowserve.com.

Clarke Valve

Founded in 2011, Clarke Valve provides high quality industrial control valves to organizations worldwide and is a portfolio company of Saudi Aramco Energy Ventures, Chevron Technology Ventures, and OGCI Climate Investments. Clarke Valve is the exclusive manufacturer of the Dilating Disk™ Valve, the most environmentally responsible control valve. The unique patented technology of the Dilating Disk™ Valve consumes less energy, uses 50% less raw materials, and reduces fugitive emissions by 98%, recording a methane leakage rate of only 2 parts-per-million (PPM). Clarke Valve technology is currently deployed in a diverse spectrum of markets, including oil and gas, chemical, power plants, water management, and aerospace. For more information, please visit www.clarkevalve.com. For press inquiries, please email [email protected].

SOURCE Clarke Valve

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