Norway-based energy company Statoil launched a corporate venturing fund called Statoil Energy Ventures yesterday and will use it to invest $200m over the next four-to-seven years.
Statoil, which is 67% owned by the Norwegian government, oversees substantial oil and gas concerns but in recent years has moved further toward renewable energy sources such as wind and hydro power.
Statoil Energy Ventures has been formed to complement this shift and will be part of the firm’s New Energy Solutions division.
The unit will look to invest in renewable energy and low-carbon technology, with areas set to include offshore and onshore wind, solar energy, energy storage, low-carbon transportation, energy efficiency and smart grid technology. It may also make investments in funds.
Irene Rummelhoff, executive vice president for New Energy Solutions at Statoil, 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.”
Statoil Energy Ventures will be managed by six team members across Statoil’s London and Oslo offices, but the fund will have a global mandate. It will operate alongside Statoil’s existing corporate venturing unit, Statoil Technology Invest.
Companies that have received funding from Statoil in the past year include maritime energy storage developer Corvus Energy, oil production tool creator CannSeal and shale drilling technology startup Quantico Energy Solutions.
– Photo courtesy of Helge Hansen via Statoil