First green investment for Statoil Energy Ventures

Norwegian energy firm Statoil has made its first investment through its $200 million (£140m) venture capital fund dedicated to supporting green start-up companies. US firm United Wind is the first […]

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By Priyanka Shrestha

Norwegian energy firm Statoil has made its first investment through its $200 million (£140m) venture capital fund dedicated to supporting green start-up companies.

US firm United Wind is the first recipient of the $3 million (£2.1m) investment.

The funding will allow the company to offer its ‘WindLease’ programme to new markets throughout Midwestern US and beyond.

It is expected to help consumers save on electricity bills by generating onsite wind energy through a fixed-rate, 20-year lease with no upfront costs.

Gareth Burns, Vice President of Statoil and Managing Director of Statoil Energy Ventures said: “This transaction fits well with two of our key investment purposes: Testing and positioning for future potential growth legs while also exploring high impact business models. We are excited to partner with United Wind and look forward to driving further growth through financing and access to technology and market experience.”

The Norwegian energy company’s fund was established last month as part of its new business area called New Energy Solutions.