DeepFlex Closes Funding

DeepFlex Inc., a leading developer of flexible composite pipe for applications in deepwater oil and gas exploration and production, has closed its second round of funding. Energy Ventures, a Norway-based energy venture capital firm, led a Series B round with existing investors CTTV Investments LLC, the venture capital arm of Chevron Technology Ventures LLC, and Altira, a Denver-based venture capital firm. DeepFlex will use this funding to accelerate the building of a second manufacturing plant and testing facility in Galveston, Texas.

DeepFlex is headquartered in Houston, Texas and has operations in Galveston, Texas Manitowoc, Wisconsin, and Dundee, Scotland to develop, manufacture and test non-metallic composite flexible pipe for use in deepwater and ultra deepwater oil and gas production.

"We are very pleased to have Energy Ventures join CTTV and Altira in funding the growth of DeepFlex. The investors' knowledge and understanding of the oil and gas exploration and production business will create new opportunities and enhance DeepFlex's ability to grow in the marketplace," said DeepFlex president, Bruce McConkey.

"DeepFlex's technology represents a very compelling value proposition for oil and gas companies," said Helge Tveit, partner with Energy Ventures. "We are also very pleased with the in-depth knowledge of the management team and the quality and expertise provided by Altira and CTTV."

Energy Ventures is an independent venture capital company providing capital to high growth oil and gas technology companies. Energy Ventures manages two funds and is based in Stavanger, Norway.