A new $1.4 billion (£1 billion) fund for Shell Ventures is to be invested in businesses accelerating the energy transition.
The funding will support a wide range of start-ups and scale-ups, from seed to Series A to growth equity. The investments will have a particular focus on renewable energy, storage and utilisation, mobility, transportation and logistics, circular economy and nature-based solutions to line up with Shell’s efforts to accelerate progress against its net zero target.
In April 2020, Shell unveiled its aim of becoming a net zero emissions energy business by 2050 or sooner. The O&G major detailed how it plans to continue supplying carbon-based energy “as we approach 2050” if it still has customers for it, but will be looking to ensure those emissions are addressed, with carbon capture and storage one possibility for this.
Writing on LinkedIn, managing director of Shell Ventures Geert van de Wouw said that the company has invested and supported the start-up ecosystem for decades, with many of its portfolio companies having developed strategic relationships with Shell businesses.
“A win-win in my book, as Shell gets accelerated access to innovative technologies and business models, while our portfolio companies are able to achieve scale,” he said.