BP Ventures

Through its venturing arm, BP helps create and support new  low-carbon businesses and promising technologies.   

Since 2006, BP Ventures has invested more than $300  million in dozens of U.S. companies, including eight  alternative energy companies. Its investments focus on bio-  and low-carbon products, carbon management, power and  storage, advanced mobility, and digital transformation.  

“BP intends to play our part in meeting the dual challenge  of delivering the energy the world needs while transitioning  to a lower-carbon future,” says Meghan Sharp, managing  director of the Americas region for BP Ventures. “BP  Ventures supports this lower-carbon ambition by  identifying emerging trends and businesses, making  strategic investments, and testing technologies and  solutions for their scalability.”  

For example, BP has invested $40 million in Fulcrum  BioEnergy, a California-based company that produces  low-carbon “biojet” fuel from household waste. When BP  announced this investment in 2016, it also secured a 10-year  deal with Fulcrum to supply 50 million gallons of biojet fuel  per year to its aviation business, Air BP.   

In 2018, Fulcrum began building a new plant in Nevada  that will be America’s first commercial-scale operation  diverting household garbage from landfills into a low-carbon,  renewable transportation fuel product.  

BP also has invested $20 million in Beyond Limits, a  Caltech startup that is commercializing artificial  intelligence and cognitive computing software. Its  technology uses machine learning and human knowledge  to simulate human reasoning, applying the same  exploration techniques that NASA’s Curiosity Rover used  on the surface of Mars. BP’s support will help accelerate  the delivery of this technology, providing the energy  sector with new levels of process automation and better  insight and effectiveness across all operations.  

Meanwhile, BP’s investment in Solidia, a cement and  concrete company based in New Jersey, supports a  technology that can produce cement with significantly fewer  greenhouse gas emissions, using carbon dioxide instead  of water to cure the concrete. This technology has the  potential to reduce emissions in concrete production by up  to 70 percent, and it allows 80 percent of the water used in  the production process to be recycled.  

As part of its focus on advanced mobility, BP has invested  in Peloton, a California-based vehicle technology company  dedicated to improving the safety and efficiency of freight  transportation. Peloton’s technology enables two or more  trucks to travel closely but safely together. This reduces  aerodynamic drag, generating savings in fuel use and CO2 emissions.  

In 2018, BP announced a $5 million investment in FreeWire,  a California-based manufacturer of mobile electric vehicle  rapid-charging systems.   

It also announced a $500,000 investment in several  members of Incubatenergy, a U.S.-based consortium of  clean energy incubators and accelerators.  

Globally, BP plans to invest around $200 million each year  to help incubate and grow lower-carbon solutions. It will  allocate at least $500 million a year for low-carbon activities  in general, including its renewable energy businesses and  acquisitions.  

At least one U.S. company — Solidia — has received  investment both from BP and from the Oil and Gas Climate  Initiative (OGCI) fund.   

BP was a founding member of OGCI, which includes  10 companies that produce more than 25 percent of the  world’s oil and gas. Collectively, these companies have  pledged to invest $1 billion in low-carbon technologies over  10 years.   

Thus far, the two primary focus areas for OGCI Climate  Investments have been reducing methane emissions and  developing carbon capture, use and storage technology.