Chevron's corporate venture arm that invests into energy tech innovation and supports startups within the industry has tapped two companies for its Chevron Technology Ventures Catalyst Program.
Entech Solutions and mIQroTech have both recently been named new partners in the program, which allows the startups support and guidance during growth and acceleration from Chevron and its network.
Norway-based Entech Solutions AS has developed itsSuperstage Pinpoint Stimulation to address high intensity stimulation in increasingly long horizontal wells, according to a press release. The product aims to improve production performance and lower costs.
"Collaboration with Chevron will allow us to demonstrate Superstage efficiencies in a variety of basins worldwide," says Anthony Kent, co-inventor of Superstage and Entech's General Manager for North America, in the release.
"Working with a leading global operator gives us access to expertise needed to standardize this robust and versatile hardware technology," he continues.
Meanwhile, Tampa, Florida-based mIQroTech is addressing pipeline leak concerns within the energy industry by using artificial intelligence and internet of things. The startup joined the Catalyst Program in July.
"Our goal is to deliver a transformative change to the global oil and gas industry," says founder and chief executive officer, Meade Lewis, in a press release.
"Better data, analytics, and intelligence will add efficiencies to pipeline operations and empower more informed and faster decision-making. We appreciate that Chevron recognizes our potential to deliver solutions to enable safer delivery of oil and gas," Lewis continues.
The company, which has received investments from Plug and Play, Ocean Capital, Republic, and Harvard Business School Alumni Angels, and more, will focus on growing its team and customer base.
Chevron also recently contributed to Houston-based ThoughtTrace's $10 million series B round in May and signed on as a partner for the Houston expansion of cleantech accelerator Greentown Labs.