Statoil launches $200m venture investment fund for renewable energy
Oil firm Statoil has launched $200m venture fund which will focus on investing in renewable energy sector.
The new fund, Statoil Energy Ventures, has been launched as part of the firm's new business area, New Energy Solutions.
Statoil expects the fund to complement its oil and gas portfolio with profitable renewable energy and low-carbon solutions.
Statoil New Energy Solutions executive vice-president Irene Rummelhoff said: "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."
The fund will invest in sectors including offshore and onshore wind, solar energy, energy storage, transportation, energy efficiency and smart grids, over a period of four to seven years.
Statoil Energy Ventures managing director Gareth Burns 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."
Statoil said it will take direct positions primarily as a minority shareholder in growth companies, preferably as a co-investor with other venture firms.
The Statoil Energy Ventures team will operate alongside Statoil's existing venture entity, Statoil Technology Invest (STI), which was established in 2000 with an eye on early-phase investments in upstream oil and gas.
Image: Potential investment themes include offshore and onshore wind. Photo: courtesy of Helge Hansen/Statoil.