This is the first investment by Statoil Energy Ventures: Statoil’s new USD 200 million venture capital fund dedicated to investing in attractive and ambitious growth companies in renewable energy, supporting its strategy of growth in new energy solutions.
The transaction provides Statoil Energy Ventures a seat on the company’s board of directors.
Similar to the rooftop solar leasing model, United Wind offers a leasing option to its customers that want to install a wind turbine on their property to immediately reduce their energy bills by harvesting their on-site wind energy with no up-front, out-of-pocket costs.
Wind is the fastest-growing source of electricity generation in the U.S., with many areas where wind blows reliably across wide open spaces. By expanding the supply of renewable energy, United Wind can also replace CO2-intensive coal-based electricity: Coal currently represents 40% of the total U.S. electricity generation.
In total, Statoil Energy Ventures will invest up to USD 200 million (around NOK 1.7 billion) over a period of four to seven years.
The fund is established as part of Statoil’s new business area New Energy Solutions, reflecting the company’s aspirations to gradually complement its oil and gas portfolio with profitable renewable energy and low-carbon solutions.