LNG giant Shell said it has set up a dedicated $1.4 billion fund to increase support to innovative companies working to accelerate energy transition.
Via the fund, Shell Ventures would invest over the next six years to support start-ups and scale-ups across the full spectrum, from seed to Series A to growth equity, Shell said in a statement.
Also, the fund would focus on renewable energy, storage and utilization, mobility, transportation and logistics, circular economy, and nature-based solutions, it said.
“Our dedicated investment is testament to our commitment to do more and further support visionary entrepreneurs and innovators across industries,” chief executive Ben van Beurden, said.
“The energy transition will be the single largest technological revolution of this time. Technology will continue to transform our lives and the energy industry, improving safety and efficiency and helping us to accelerate the transition to net zero,” he said.
Shell’s CEO said last week that the firm set a new 2030 target to halve the absolute emissions from its operations, compared to 2016 levels on a net basis.
“Altogether, this is clear evidence of how we are accelerating our Powering Progress strategy, purposefully and profitably,” van Beurden said.