STAVANGER, Norway—As Norwegian energy giant Statoil ASA slows its drilling in the Norwegian Continental Shelf amid struggling oil and gas prices, the company is also beginning a new, greener chapter.
Statoil has announced it will funnel US$200 million toward a new renewable energy corporate venture fund over the next four to seven years. One of the world’s largest renewable energy venture funds to date, the new fund is designed to gradually complement the company’s oil and gas portfolio with low-carbon investments.
“The transition to a low carbon society creates business opportunities, and Statoil aims to drive profitable growth within this space,” Irene Rummelhoff, the company’s executive vice-president for New Energy Solutions, said. “Through the new fund, we look forward to investing in attractive and ambitious companies and contribute to shaping the future of energy.”
Along with supporting Statoil’s existing renewable projects, Statoil Energy Ventures will look to invest in clean energy growth areas and explore “high impact” technologies and business models in the renewables space. The company identified offshore and onshore wind, solar energy, energy storage, transportation, energy efficiency as well as smart grids as areas of focus.
Based in London and Oslo, the fund will operate alongside the company’s technology investment fund, which has a strong investment track record, having invested approximately $135 million since 2000. Statoil said the new fund will look to take direct positions in growth companies as a minority stakeholder.