Jan 5, 2020

BP sets target to create five unicorns by 2025

BP has set up a subsidiary over the past year to create five $1bn businesses by 2025 in an attempt to tackle what the UK oil and gas major calls the "Dual challenge" of providing more energy with fewer carbon dioxide emissions. BP Ventures invests small sums and takes minority stakes in new energy businesses, for preferential access to disruptive technologies, maintaining an arm's length relationship with these companies. "We are trying to build unicorns in the energy business," said Stephen Cook, managing partner of Launchpad and chief commercial officer in BP's technology division. Potential $1bn companies include Lytt, a subsurface analytics company, and Stryde, a seismic technology business, both of which were developed to boost the productivity of oil wells. The $100m BP has invested already in Launchpad companies is still a fraction of the $15bn-$17bn it spends annually, primarily on its core oil and gas.

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