Statoil has launched a new venture capital fund dedicated to investing in green start-up companies.

Dubbed Statoil Energy Ventures, the new fund will invest up to $200 million (£140m) over a period of four to seven years.

It has been set up as part of the Norwegian firm’s new business area ‘New Energy Solutions’, aiming to complement its oil and gas portfolio with “profitable” renewable energy and low carbon solutions.

Potential investment themes include onshore and offshore wind, solar, energy storage, transportation, energy efficiency and smart grids.

Irene Rummelhoff, Executive Vice President for New Energy Solutions said: “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.”

Earlier this month German energy giant RWE also announced plans to set up a new venture capital fund worth €130 million (£100.1m).