Clarke Closes $10 Million Venture Round Led by Saudi Aramco & Chevron

Today, Clarke Valve (“Clarke”) 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.”

Bill Dambrackas, Clarke’s Chairman, stated, “There hasn’t been much innovation in the $84 billion worldwide industrial valve market, therefore innovation is unexpected and slow to be embraced, so it’s especially rewarding for us to have these prestigious industry leaders share our vision.”

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.

About Saudi Aramco Energy Ventures (SAEV)

Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of Aramco, the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, SAEV’s mission is to invest globally in start-up and high growth companies with technologies of strategic importance to Aramco.

For more information about SAEV, please visit www.saev.com.

About Chevron Technology Ventures (CTV)

Chevron Technology Ventures champions innovation and integration of emerging technologies into Chevron. We pursue innovative business solutions and externally developed technologies that have the potential to improve Chevron’s base business operations and champion their deployment and adoption into Chevron.

For more information about CTV, please visit www.chevron.com/technology/technology-ventures.

About Clarke Valve

Founded in 2011, Clarke Valve™ provides high quality industrial control valves to organizations worldwide. Using aerospace design principles, Clarke has developed the patented Shutter Valve™, meeting the ASME B16.34, ASME B16.10 and ASME B16.5 international valve standards, as well as ISO 5211 standards for valve automation. Due to its best-in-class sealing system, the Shutter Valve is the first control valve to achieve both API 641 and ISO 15848-1:2015 certifications, making it the world’s most compact, efficient, and environmentally friendly control valve. Clarke Valve technology can be easily scaled or customized to meet many challenging requirements, and is currently deployed in a diverse spectrum of markets, including oil and gas, aerospace, chemical, power plants, and water management. All Clarke Valves are 100% inspected and tested to FCI 70-2 standards for control valves. Clarke Valve is an OSHA-certified ISO 9001:2015 company with a rigid Quality Control process that places an emphasis on the safety of our products.