Oil companies are backing the next wave of green energy startups.
Cement production has a large carbon footprint, comprising about 7% of man-made CO2 emissions. Solidia Technologies is trying to change that.
CB Insights’ data show the venture arms of these five groups are the most active and are on track to participate in deals worth more than $1 billion in 2019. Spending has risen eight-fold between 2015 and 2018. Of these deals, clean technology investments represent a growing share, rising from just three in 2015 to 27 this year so far.
Among investments this year, BP drew funds from its $200-million venture pot to invest $30 million in Calysta, which transforms natural gas into protein for animal feed. Shell Ventures invested an undisclosed amount in Corvus Energy, an energy storage company and Total Ventures was part of a $60-million funding round for Scoop, which helps people form car pools. Saudi Aramco invested in Daphne Technology, which uses nanotechnology to develop a product that scrubs emissions from ships.
Climate activists and investors have criticized the sector for plowing only a fraction of its annual capital spending into low-carbon research and development, in a sign of reluctance to go beyond traditional hydrocarbon businesses.
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