Energy Ventures Sells Utah-Based NovaDrill, Marking Second Successful Exit In Six Months
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Energy Ventures III LP, Stavanger, Norway, reports that NovaDrill, its Provo, Utah-based portfolio company, has been sold to an unnamed buyer. Financial terms of the sale were not disclosed.
Energy Ventures invested $19 million in NovaDrill, a downhole drilling technology company formed by Novatek International Inc. in August 2008.
Energy Ventures says that NovaDrill's technology, which provides a complete directional drilling and formation evaluation system, can substantially improve drilling efficiency and well productivity.
The sale marks Energy Venture's second successful exit in the last six months and eighth in seven ...
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