Rhode Island-based Clarke Industrial Engineering completed the sale of $10 million of Series B Preferred Stock to a group of investors led by Saudi Aramco Energy Ventures (SAEV). Chevron Technology Ventures (CTV) participated in the round.
Daniel Carter of SAEV US, stated, “Clarke’s unique Shutter Valve design provides a step change in control valve technology. We see wide ranging applications for this new type of valve in the oil and gas industry and beyond.”
President & CEO of Clarke, Kyle Daniels stated, “Saudi Aramco and Chevron, as two of the world’s largest companies who regularly purchase large quantities of control valves, have significant expertise in industrial valve technology. We are very honored that they recognize the value of our proprietary Shutter Valve design and have chosen to make significant investments in Clarke.”
Other investors in Clarke’s Series B Preferred Stock round include New World Angels (NWA) who was the lead investor in Clarke’s Series A Preferred Stock round.
Image courtesy of Clare Industrial Engineering