Norwegian classification society DNV GL has launched a venture fund in response to the challenges of energy transition and the fourth industrial revolution.
DNV GL Ventures will build a portfolio of between 15-20 startups in the next four years, taking stakes of up to 20% in the companies.
“We have entered a decade of transformation where the pace of the energy transition will be set and digital technologies underpinning industry 4.0 will mature from experimentation into large-scale application. Therefore, operating like it is business as usual is not an option,”said Klas Bendrik, chair of DNV GL Ventures investment committee and DNV GL’s chief digital transformation officer.
“The launch of DNV GL Ventures is an acknowledgment that even a company of experts like ours must look beyond its own four walls to stay relevant,” Bendrik added.
DNV GL’s Energy Transition Outlook forecasts a rapid decarbonisation of the global energy system and by the middle of the century fossil fuels and renewables will almost equally share the energy mix.
DNV GL Ventures is looking to invest in companies that reflect these important transformations and will primarily focus on the maritime and energy sectors.
“With our purpose to safeguard life, property and the environment and deep technical expertise we offer an alternative investment option than traditional investors. Over the last 150 years we have accumulated a massive amount of knowledge and a customer base to match, and any startup we invest in will be able to tap into this,” said Kaare Helle, Venture Director at DNV GL Ventures.
DNV GL is now inviting startups to send their video pitches.