Oil and gas giant BP is ramping up their venture capital arm for green technology startups.
What’s happening:
- The venture arm of oil giant BP has recently publicly stated that they will focus almost exclusively on funding green technology startups moving forward through their venture capital arm
- The areas of opportunity that BP Ventures will look to fund include electric vehicles, bioenergy, hydrogen and renewable energy
By the numbers:
- BP Ventures has invested roughly $1B since its inception
- This year BP Ventures claims they will deploy approximately $200M into new startup investments
Going deeper:
- BP Ventures has backed a variety of notable startups building in climate technology, including leading the $12.5M Series A round for green hydrogen company Advanced Ionics
The fine print:
- BP is currently an enormous emitter of carbon, being directly responsible for approximately 340 million tonnes of CO2 last year alone
- To put BP’s emissions into perspective, the entire country of France was responsible for 330 million tonnes of CO2 last year
