Statoil has launched a Nkr1.7bn ($200m) new venture capital fund to invest in companies that are engaged in renewable energy generation.
The venture capital fund, Statoil Energy Ventures, will invest in offshore and onshore wind energy, solar, energy storage and transportation, energy efficiency and smart grids over a period of four to seven years.
Statoil new energy solutions executive vice-president Irene Rummelhoff said: "We are pleased to announce Statoil Energy Ventures, one of the world's largest corporate venture funds dedicated to renewable energy.
"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 new fund forms a part of the company's strategy to grow and strengthen in the field of new energy solutions including clean and renewable energy sources, which will complement its oil and gas portfolio.
It will hold minority stakes in growth companies, preferably as co-investors with other venture firms.
Statoil vice-president and Statoil Energy Ventures managing director Gareth Burns said: "Statoil Energy Ventures aims to be an attractive partner for growth companies.
"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.
"We look forward to engaging with ambitious entrepreneurs as an active investor and to build great companies."
Statoil Energy Ventures' team will initially comprise of six investment professionals operating with a global mandate, operating out of Statoil's offices in London and Oslo.
The team will focus more on growth-phase investments in renewable energy and will operate alongside Statoil Technology Invest (STI), an existing venture entity of Statoil.
Image: Statoil's potential investment themes include offshore and onshore wind. Photo: courtesy of Helge Hansen / Statoil.