Statoil Energy Ventures, a $200-million venture capital fund dedicated to clean energy investment, made its first investment. Statoil Energy Ventures invested $3 million into US renewable firm United Wind.
“Statoil is committed to wind energy, as demonstrated by our strong position in offshore wind. Today’s investment in United Wind secures early entry in the company driving the growth of the distributed wind market in the United States,” says Gareth Burns, VP in Statoil and MD of Statoil Energy Ventures.
“This transaction fits well with two of our key investment purposes: Testing and positioning for future potential growth legs, while also exploring high impact business models. We are excited to partner with United Wind and look forward to driving further growth through financing and access to technology and market experience,” says Burns.
The transaction provides Statoil Energy Ventures a seat on the company’s Board of Directors.
Similar to the rooftop solar leasing model, United Wind offers a leasing option to its customers that want to install a wind turbine on their property to immediately reduce their energy bills by harvesting their on-site wind energy with no up-front, out-of-pocket costs.