Energy Companies Invest $60M to Transform America's Heartland into Hub for Energy Tech Startups

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Several companies, including Devon Energy, ONEOK, Williams, Energy Innovation Capital (EIC), and tech-focused non-profit Tulsa Innovation Labs (TIL), have joined together to transform America's heartland into a hub for energy technology startups.

Spearheaded by EIC, the first-of-its-kind initiative aims to attract energy technology startups to the region with access to resources, including free office space and custom startup support services. EIC will also provide access to early-stage capital with a $50 million fund and assist startups to pilot forward-looking technologies with founding corporate partners, Devon Energy, ONEOK, and Williams. By fueling R&D and innovation, the project is expected to create more than 1,700 jobs across the energy industry.

This multi-prong collaboration will include the following:

• EIC Rose Rock: A targeted $50 million fund to lead Seed and Series A rounds for early-stage energy technology companies. Initial investors, which include the George Kaiser Family Foundation, Devon Energy, ONEOK and William, have already committed $30 million, and will be supplemented by an ecosystem of other national and regional investors.
• EIC Fusion: A program offering energy corporations support to supercharge their innovation agendas, EIC Fusion works with corporations to identify strategic areas of focus for each firm and connects them with leading startups developing solutions aligned with their R&D needs. The program is operated by EIC, and Devon Energy, ONEOK and Williams, will leverage the program to support their corporate innovation agendas.
• Rose Rock Bridge: A one-year incubator program, located in Tulsa, will provide support to early-stage energy technology companies including up to $100,000 of non-dilutive capital, office space and services to accelerate commercialization.

Rose Rock Bridge is accepting applications from companies starting today and qualifying companies will be accepted on a rolling basis.

The initiative was conceived by TIL, an organization founded by the George Kaiser Family Foundation to build a tech hub in Tulsa that leverages the strengths of the Heartland and expands inclusive opportunities in tech. TIL identified the opportunity for the region to meet the country's energy needs over the coming years by investing in a diverse range of emerging energy technologies.