Clarke Valve completed the sale of USD 10M of Series C Preferred Stock to a group of investors led by YBA Kanoo Group (Kanoo).
Mr Ali Abdulla Kanoo, President of the Kanoo Industrial & Energy division, said “We are delighted to announce this partnership with Clarke Valve, innovator of the world’s finest control valve technology, and a portfolio company of Saudi Aramco Energy Ventures. The synergistic relationship between Saudi Aramco, Clarke Valve, and YBA Kanoo is perfectly poised to capitalize on the rapid growth of the company, and the strategic vision of Clarke’s founder, Kyle Daniels.”
Kyle Daniels, President & CEO of Clarke Valve said, “We’re extremely grateful to YBA Kanoo, Mr Ali Abdulla Kanoo, and all of our investors. We believe Saudi Aramco and other producers in the GCC will generate strong demand for control valves over the long term and Clarke is now uniquely positioned to satisfy that demand. Clarke’s Shutter Valves have a proven track record with hundreds of successful field installations around the world. With their high flow rate, precise control, reduced emissions, low cost, and low operating torque, we believe our valves perfectly meet the needs of Aramco after going public and increasing production capacity. Clarke remains dedicated to our partnerships in the Americas and Europe, through Chevron and the Oil & Gas Climate Initiative. We also enthusiastically support Saudi Aramco’s In Kingdom Total Value Add (IKTVA) directives and Crown Prince Mohammed bin Salman’s directives under Vision 2030. Partnering with Kanoo will provide the final key for Clarke to begin large scale de
ployment in refinery applications within Aramco and the GCC. This should put us one step closer to our worldwide vision: To secure a significant share in the USD 84bn industrial valve market with technology that can’t be matched.”