Statoil has today launched Statoil Energy Ventures, a fund through which the Norwegian energy giant plans to invest up to USD 200 million in renewable energy projects in the next four to seven years.
Potential investment themes include offshore and onshore wind, solar energy, energy storage, transportation, energy efficiency and smart grids.
The fund will take direct positions primarily as a minority shareholder in growth companies, preferably as a co-investor with other venture firms. Investment in selected fund will also be considered to gain a wider footprint.
The fund is established as part of Statoil’s new business area, New Energy Solutions, reflecting the company’s aspirations to gradually complement its oil and gas portfolio with renewable energy and low-carbon solutions.
“Statoil Energy Ventures aims to be an attractive partner for growth companies,” said Gareth Burns, vice president in Statoil and managing director of Statoil Energy Ventures.
”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.”