Statoil today launches a new venture that will invest in attractive and ambitious growth companies within renewable energy. This supports the Group’s strategy of growth in new energy solutions, the company said in a statement.
Statoil Energy Ventures will invest about 1.7 billion ($ 200 million) over a period of four to seven years.
– We are pleased to establish Statoil energy Ventures, which is one of the world’s largest company-owned venture fund for investments in renewable energy. The transition to a low-carbon society is creating new business opportunities, and Statoil’s ambition is to promote further profitable growth in these areas. Through the new fund we are looking forward to invest in attractive and ambitious companies and help shape the energy future, says Irene Rummelhoff, executive vice president of New Energy Solutions.
The fund is created as part of the group’s new business New energy solutions, which reflects the company’s ambition to gradually supplement its oil and gas portfolio with profitable solutions in renewable energy and low carbon solutions.
These investments are included in the group’s overall investment forecasts, which was presented on 4 February.
Potential focus areas for investments will be wind power on land and at sea, solar energy, energy storage, transport, energy efficiency and smart grid.
– This shows that Statoil finally realize the seriousness and will be into the future, says Bellona’s senior adviser Runa Haug Khoury in a message.
– This is symbolic of the energy future we are heading towards. Statoil sees the huge opportunities emerging in renewable energy and energy changing, says Khoury.
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