Statoil launched a new venture capital fund dedicated to investing in the renewable energy sector. The capital fund will be used to back attractive and ambitious growth companies in renewable energy, supporting its strategy of growth in new energy solutions. The new fund, dubbed Statoil Energy Ventures, will invest up to $200 million over a 4-7 year period.
The fund is established as part of Statoil’s new business area New Energy Solutions and reflects the company’s ambitions to gradually complement its oil and gas portfolio with profitable renewable energy and low-carbon solutions. The company said that Statoil Energy Ventures aims to be an attractive partner for growth companies.
Potential investment themes include offshore and onshore wind, solar energy, energy storage, transportation, energy efficiency and smart grids. The team initially consists of six investment professionals operating with a global mandate, initially based out of Statoil’s offices in London and Oslo.
The fund will take direct positions primarily as a minority shareholder in growth companies, preferably as a co-investor with other venture firms. Investment in selected fund will also be considered to gain a wider footprint.
The Statoil Energy Ventures team, focusing on growth-phase investments in renewable energy, will operate alongside Statoil’s existing venture entity, Statoil Technology Invest (STI), which focuses on early-phase investments in upstream oil and gas.