Total oil & gas industry venture financing deals worth $703.4m were announced in North America in November 2022, led by $200m venture financing of Solugen, according to GlobalData’s deals database.

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The value marked an increase of 259.1% over the previous month of $195.86m and a rise of 298.4% when compared with the last 12-month average of $176.55m.

North America held a 99.22% share of the global oil & gas industry venture financing deal value that totalled $708.87m in November 2022. With a 99.22% share and deals worth $703.36m, the US was the top country in North America’s venture financing deal value across oil & gas industry.

In terms of venture financing deal activity, North America recorded 23 deals during November 2022, marking an increase of 130.00% over the previous month and a rise of 27.78% over the 12-month average. The US recorded 22 deals during the month.

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North America oil & gas industry venture financing deals in November 2022: Top deals

The top three oil & gas industry venture financing deals accounted for 39.6% of the overall value during November 2022.

The combined value of the top three oil & gas venture financing deals stood at $279m, against the overall value of $703.4m recorded for the month.

The top three oil & gas industry venture financing deals of November 2022 tracked by GlobalData were:

1) Baillie Gifford, Kinnevik, Lowercarbon Capital, Refactor Capital and Temasek International’s $200m venture financing deal with Solugen

2) The $76m venture financing of Syzygy Plasmonics by Aramco Ventures, Carbon Direct Capital Management, Chevron Technology Ventures, Equinor Ventures, Evok Innovations, GOOSE Capital, Horizons Ventures, Lotte Chemical, Pan American Energy, Sumitomoof America, The Engine and Toyota Ventures

3) Azolla Ventures, Gaingels Matternet, Plug and Play Venture, Rest Seed Fund and Virya’s $3m venture financing deal with Carbon Reform