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Released February 24, 2016 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Oil and gas leader Statoil ASA (NYSE:STO) (Stavangar, Norway) has decided to enter the renewable energy sector with the launch of a $200 million investment fund.
The company said it wants to diversify its portfolio of energy investments and the new fund will be targeted at projects in both Europe and the U.S. The fund is called Statoil Energy Ventures, which will aim to invest the $200 million over a period of four to seven years with the intention of taking minority stakes in projects and start-ups. The green fund comes at a time when the price of global crude oil continues its 18-month decline, falling to below $35 per barrel compared to its previous high of $110 per barrel.
"We are pleased to announce Statoil Energy Ventures, one of the world's largest corporate venture funds dedicated to renewable energy," said Irene Rummelhoff, Statoil's executive vice president for New Energy Solutions. "The transition to a low carbon society creates business opportunities, and Statoil aims to drive profitable growth within this space. Through the new fund, we look forward to investing in attractive and ambitious companies and contribute to shaping the future of energy."
The fund will focus on opportunities in offshore and onshore wind, solar energy, energy storage, transportation, energy efficiency and smart grids.
"Statoil Energy Ventures aims to be an attractive partner for growth companies," added Gareth Burns, vice president in Statoil and managing director of Statoil Energy Ventures. "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."
The new fund will operate alongside Statoil's existing venture entity, Statoil Technology Invest (STI), which focuses on early-phase investments in upstream oil and gas.
At the same time that Statoil is getting into renewables, U.K. energy company Centrica plc (LSE:CNA) (Windsor, England) is continuing its plans to get out, by divesting itself of shares in three windfarm projects. The company announced this week that it has sold its stakes in the Glens of Foudland, Lynn and Inner Dowsing windfarms, netting approximately $162 million. Centrica announced plans to exit the wind sector last August. For additional information, see August 5, 2015, article - Centrica Cutting 6,000 Jobs, Exiting Wind Sector.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The company said it wants to diversify its portfolio of energy investments and the new fund will be targeted at projects in both Europe and the U.S. The fund is called Statoil Energy Ventures, which will aim to invest the $200 million over a period of four to seven years with the intention of taking minority stakes in projects and start-ups. The green fund comes at a time when the price of global crude oil continues its 18-month decline, falling to below $35 per barrel compared to its previous high of $110 per barrel.
"We are pleased to announce Statoil Energy Ventures, one of the world's largest corporate venture funds dedicated to renewable energy," said Irene Rummelhoff, Statoil's executive vice president for New Energy Solutions. "The transition to a low carbon society creates business opportunities, and Statoil aims to drive profitable growth within this space. Through the new fund, we look forward to investing in attractive and ambitious companies and contribute to shaping the future of energy."
The fund will focus on opportunities in offshore and onshore wind, solar energy, energy storage, transportation, energy efficiency and smart grids.
"Statoil Energy Ventures aims to be an attractive partner for growth companies," added Gareth Burns, vice president in Statoil and managing director of Statoil Energy Ventures. "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."
The new fund will operate alongside Statoil's existing venture entity, Statoil Technology Invest (STI), which focuses on early-phase investments in upstream oil and gas.
At the same time that Statoil is getting into renewables, U.K. energy company Centrica plc (LSE:CNA) (Windsor, England) is continuing its plans to get out, by divesting itself of shares in three windfarm projects. The company announced this week that it has sold its stakes in the Glens of Foudland, Lynn and Inner Dowsing windfarms, netting approximately $162 million. Centrica announced plans to exit the wind sector last August. For additional information, see August 5, 2015, article - Centrica Cutting 6,000 Jobs, Exiting Wind Sector.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
