Venture Capital: BP Ventures To Invest $200M In Green Energy Startups

October 23, 2023 | News, Venture Capital

“Investing in start-ups is a great way of giving us insight into what some of the future disruptive opportunities may be.” – Gareth Burns, head of BP Ventures.

BP Ventures, the corporate venture capital arm of energy giant BP (NYSE: BP), is set to channel the majority of its investment capacity into disruptive green energy technology. The company plans to invest $200 million in up to a dozen green technology start-ups this year, focusing on five key areas: bioenergy, electric vehicle charging, convenience, hydrogen, and renewables and power. This marks a significant shift from their historical allocation of 60% of investment capacity to green technology.

Gareth Burns, the head of BP Ventures, explained to The Times that this change in strategy aims to significantly increase the company’s support for green energy businesses. By investing in start-ups, BP gains insight into future disruptive opportunities. Burns is particularly interested in backing start-ups with technologies that can quickly scale and are seeking an energy company partner. (The Times via gb.growth business)

BP Ventures intends to take minority equity positions in ten to twelve startups this year and participate in further fundraising rounds for existing portfolio companies. Notably, the company has already invested in companies working on innovative electrolyser technology to reduce the cost of producing zero-carbon green hydrogen, such as Advanced Ionics and Electric Hydrogen.

This move aligns with BP’s commitment to achieving net-zero production emissions by 2050. As the energy giant explores new avenues and supports green energy innovation, its investments are poised to play a vital role in driving the transition towards a more sustainable energy future.

Related Story:  Advanced Ionics Raises $12.5M In bp-Led Series A Round

Image of BP Pulse EV charging station: BP

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