BP Ventures to invest $500,000 in Clean Energy Consortium
Strategic relationship with Incubatenergy Network will provide funding and access to clean tech start-up firms
SAN FRANCISCO – BP, through its global venturing arm, BP Ventures, will invest $500,000 and form a strategic relationship with several members of Incubatenergy, a US-based consortium of clean energy incubators and accelerators that supports start-ups and entrepreneurs across the global energy sector.
The strategic relationship will provide BP Ventures the opportunity to collaborate with Incubatenergy’s senior industry leadership and cleantech start-up companies. It also will support BP Ventures’ mission of growing, developing and investing in new energy solutions for a lower-carbon future, specifically with a focus on power and storage, advanced mobility and digitization of the energy sector.
"BP intends to play our part in meeting the dual challenge of delivering the energy the world needs and transitioning to a lower-carbon future. We’re building low carbon into what we do, across our businesses – and in ways that will generate value over the long-term. This strategic relationship will enable BP Ventures to engage with entrepreneurs across the energy spectrum who are developing new businesses that have the potential to support this."
Meghan Sharp, Managing director Americas, BP Ventures
Established by the U.S. Department of Energy, the Electric Power Research Institute (EPRI), and the National Renewable Energy Laboratory (NREL), the Incubatenergy network supports incubators with access to new and emerging power and energy sector leaders. Collectively, members of the network have advanced the development of approximately 500 venture-backed start-ups, across various aspects of cleantech, from renewable energy and storage to mobility and transportation.
The strategic relationship between Incubatenergy and BP Ventures consists of two areas of collaboration:
1. Technology scouting activities by eight of the founding network members, including:
- ACRE, New York, NY
- Austin Technology Incubator, Austin, TX
- Clean Energy Trust, Chicago, IL
- Elemental Excelerator, Honolulu, HI, and Palo Alto, CA
- Greentown Labs, Boston, MA
- NextEnergy, Detroit, MI
- Oregon BEST, Portland, OR
- Prospect Silicon Valley, San Jose, CA
2. Engagement with BP at meetings twice a year of the broader network of incubators and accelerators. BP participation in these meetings will give these incubators and accelerators insight into BP’s priorities, and develop relationships and connections that will enable BP Ventures to preview the innovations emerging from the national and international Incubatenergy ecosystem.
"As energy systems across the world implement more efficient, low-emission technologies, collaboration among corporate partners, utilities, incubators and other diverse stakeholders is increasingly important. Strategic partnerships like this one support the critical work that sparks innovation, serving the public, the energy industry and our venture partners."
Beth Hartman, EPRI Project Manager for Incubatenergy
The relationship with BP Ventures follows its sponsorship in October 2017 of the ‘Smart Mobility’ challenge, further building its collaboration with New York cleantech incubator, ACRE.
About BP Ventures
BP Ventures identifies and invests in private, high growth, game-changing technology companies, accelerating cutting-edge innovations across the entire energy spectrum. Since 2006, BP Ventures has invested over $400 million in corporate venturing and has 42 active investments in its current portfolio. Since 2016, BP Ventures has invested in nine new companies, committing to over $100 million of capital.
BP Ventures’ portfolio is primarily focused on emerging technologies in oil and gas exploration and production and downstream conversion processes. In addition, it has a renewed strategic focus on five key areas: bio and low carbon products, carbon management, power and storage, advanced mobility and digital transformation.
Cautionary statement
In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), BP is providing the following cautionary statement. This press release contains certain forward-looking statements – that is, statements related to future, not past events – which may relate to one or more of the financial condition, results of operations and businesses of BP and certain of the plans and objectives of BP with respect to these items. These statements are generally, but not always, identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’ or similar expressions. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under “Risk factors” and in any of our more recent public reports.
Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.