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Released May 23, 2016 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Renewable energy is continuing to attract oil and gas heavyweights with Europe's largest oil company, Royal Dutch Shell plc (NYSE:RDS-A) (The Hague, Netherlands), preparing to launch a separate division to invest in renewable and low-carbon energy.
In an internal announcement to staff, seen by the media, the New Energies division will have an initial capital investment of $1.7 billion. It will combine the company's existing biofuels, hydrogen and electrical operations under one banner and act as the launch pad into wind energy with an annual budget of $200 million. A formal announcement is expected in early June at the company's public strategy briefing.
The news comes just months after Industrial Info reported on Norwegian company Statoil ASA (OSE:STL) (Stavangar) announcing a $200 million renewables investment fund, which will be used to finance projects in Europe and the U.S.. For additional information, see February 24, 2016, article--Statoil Launches $200 Million Renewable Energy Fund.
In recent weeks Shell Chief Eexecutive Officer, Ben van Beurden, highlighted the growing importance of renewables. "The big challenge, both for society and for a company like Shell, is how to provide much more energy, while at the same time significantly reducing carbon dioxide emissions."
Shell is playing catch-up with its oil and gas rivals. Statoil wants its newly formed Energy Ventures unit to focus on opportunities in offshore and onshore wind, solar energy, energy storage, transportation, energy efficiency and smart grids. It aims to spend $200 million per year over the next 4-7 years on taking minority stakes in projects and start-ups. Earlier this month, the company bought its way into the German offshore wind sector by purchasing a 50% stake in the Arkona offshore windfarm for 1.2 billion euros ($1.4 billion). For additional information, see May 11, 2016, article--Statoil Enters German Offshore Wind Market.
French firm Total S.A. (NYSE:TOT) (Paris, France) already has a dedicated renewable energy division. The company also owns a 60% stake in one of the world's largest solar power companies, SunPower Corporation (NASDAQ:SPWR) (San Jose, California), which it purchased in 2011 for £800 million ($1.16 billion).
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.
In an internal announcement to staff, seen by the media, the New Energies division will have an initial capital investment of $1.7 billion. It will combine the company's existing biofuels, hydrogen and electrical operations under one banner and act as the launch pad into wind energy with an annual budget of $200 million. A formal announcement is expected in early June at the company's public strategy briefing.
The news comes just months after Industrial Info reported on Norwegian company Statoil ASA (OSE:STL) (Stavangar) announcing a $200 million renewables investment fund, which will be used to finance projects in Europe and the U.S.. For additional information, see February 24, 2016, article--Statoil Launches $200 Million Renewable Energy Fund.
In recent weeks Shell Chief Eexecutive Officer, Ben van Beurden, highlighted the growing importance of renewables. "The big challenge, both for society and for a company like Shell, is how to provide much more energy, while at the same time significantly reducing carbon dioxide emissions."
Shell is playing catch-up with its oil and gas rivals. Statoil wants its newly formed Energy Ventures unit to focus on opportunities in offshore and onshore wind, solar energy, energy storage, transportation, energy efficiency and smart grids. It aims to spend $200 million per year over the next 4-7 years on taking minority stakes in projects and start-ups. Earlier this month, the company bought its way into the German offshore wind sector by purchasing a 50% stake in the Arkona offshore windfarm for 1.2 billion euros ($1.4 billion). For additional information, see May 11, 2016, article--Statoil Enters German Offshore Wind Market.
French firm Total S.A. (NYSE:TOT) (Paris, France) already has a dedicated renewable energy division. The company also owns a 60% stake in one of the world's largest solar power companies, SunPower Corporation (NASDAQ:SPWR) (San Jose, California), which it purchased in 2011 for £800 million ($1.16 billion).
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.
