Last month, Statoil launched a $200 million renewable energy venture capital fund to support its strategy of ‘growth in new energy solutions’.
Statoil Energy Ventures will invest this money over a period of 4-7 years as the company aspires ‘to gradually complement its oil and gas portfolio with profitable renewable energy and low-carbon solutions.’
Statoil’s executive vice president for New Energy Solutions, Irene Rummelhoff said: “We are pleased to announce Statoil Energy Ventures: One of the world’s largest corporate venture funds dedicated to renewable energy. The transition to a low carbon society creates business opportunities, and Statoil aims to drive profitable growth within this space. Through the new fund, we look forward to investing in attractive and ambitious companies and contribute to shaping the future of energy.”
Vice president in Statoil and managing director of Statoil Energy Ventures, Gareth Burn said: “Statoil Energy Ventures aims to be an attractive partner for growth companies. We offer a strong financial muscle and are ready to invest in three strategic areas: Supporting our current operations in renewables, positioning in renewable growth opportunities, and exploring new high impact technologies and business models. We look forward to engaging with ambitious entrepreneurs as an active investor and to build great companies.”
Some of the potential investments that would be made with this new fund includes, offshore and onshore wind, solar energy, energy storage, transportation, energy efficiency and smart grids.