This story gets more interesting. Terralliance, the oil exploration startup that Kleiner Perkins put hundreds of millions into just sued it’s ex CEO for stealing its intellectual property.
Terralliance says in its complaint, Olson and others have formed Global Exploration Group, or GXG, based in Europe but outside European Union regulation, and are attempting to raise capital in Europe and elsewhere. GXG’s business plan “appears to be very similar, if not identical, to the Terralliance business model,” Terralliance asserts.
via Kleiner-Backed Terralliance Sues Ex-CEO Olson For IP Misuse – Venture Capital Dispatch – WSJ.
My previous posts:
Trouble at Kleiner Perkins-Backed Terralliance
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