Statoil is making a $3 million investment in a small New York-based wind company. It’s the first of what the Norwegian oil giant expects will be many such investments made through a new venture capital fund it set up to make plays in the renewable energy space. And Statoil is not the only oil company that’s looking to make VC investments in alternative and renewable energy companies.
Statoil announced the creation of its Statoil Energy Ventures fund in February, saying it would put up to $200 million into renewable energy through the new vehicle. “The transition to a low carbon society creates business opportunities, and Statoil aims to drive profitable growth within this space,” Irene Rummelhoff, Statoil’s executive vice president for New Energy Solutions, said in the announcement. “Through the new fund, we look forward to investing in attractive and ambitious companies and contribute to shaping the future of energy.”