Norwegian energy giant Statoil has launched a new venture capital fund to invest in ambitious growth companies in renewable energy.
The fund, named Statoil Energy Ventures, will invest up to $200m over a period of four to seven years. Statoil says the fund reflects the company’s aspirations to gradually complement its oil and gas portfolio with profitable renewable energy and low-carbon solutions.
Gareth Burns, managing director of Statoil Energy Ventures, commented: “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. We look forward to engaging with ambitious entrepreneurs as an active investor and to build great companies.”
The fund will take direct positions primarily as a minority shareholder in growth companies, preferably as a co-investor with other venture firms.
Statoil Energy Ventures will start with six investment professionals operating with a global mandate, based out of Statoil’s offices in London and Oslo.
