The Deal
July 6, 2020
By Claire Poole
Energy Technology Ventures backs Glori Energy
Energy Technology Ventures, a joint venture among General Electric Co., NRG Energy Inc. and ConocoPhillips Co., said Tuesday, July 5, it has invested an undisclosed sum in Glori Energy Inc., a Houston oil extraction technology developer. Kevin Skillern, GE Energy Financial Services' managing director of venture capital, said Glori's technology revives oilfields with depleting production volumes, reclaiming oil at a fraction of the cost of drilling new wells. He said Energy Technology Ventures' oil industry expertise and reach will help Glori accelerate the commercialization of its technology and achieve the scale it needs to benefit consumers. Glori's technology introduces a mix of safe nutrients into water-flooded oilfields to stimulate the growth of indigenous microbes that temporarily modify the fluid pathways to redirect water and improve oil mobility. CEO Stuart Page said the company customizes treatments to optimize the microbiology of each field, which is key to its ability to extract crude oil from wells at low cost. Energy Technology Ventures helps companies develop and commercialize next-generation energy technologies. Goodwin Procter LLP's Joshua Klatzkin counseled Energy Technology Ventures and Fulbright & Jaworski LLP's Charles Powell assisted Glori.
