Shell Technology Ventures is hinting at hundreds of millions of dollars worth of long-term investments in clean energy technologies, at just the moment when competitors like Chevron, BP, and ExxonMobil are exiting the field.
But a Shell director tells Greentech that three-quarters of the fund would be devoted to investments in technologies across its oil and gas operations, with the rest going to “future energy” technologies like advanced biofuels and solar-assisted enhanced oil recovery.
“At a time when venture capital investments in clean technology have slowed, the industry would undoubtedly welcome long-term backing from a large corporation like Shell,” Pyper writes. With the right form of project financing, Shell can “be there in twelve years’ time,” STV executive Henrik Holland said. “When something goes wrong, we can be that partner on the other side of the table with some guarantees.”