Oct 10, 2019 - Energy & Climate

BP's moves highlight Big Oil's slow diversification into power tech

Ben Geman

BP Exploration Alaska headquarters in Anchorage, Alaska. — Photo by Lance King/Getty Images

BP's venture arm announced Thursday that it led a Series A funding round for Grid Edge, a British software company that helps buildings control and cut their energy use.

Why it matters: It's the latest sign of how oil majors are boosting their investments in power technologies, EV charging and other areas outside their dominant fossil fuel lines.

The big picture: BP and Grid Edge said in their joint announcement that the startup's tech draws on data like weather forecasts and expected building occupancy to help customers tailor their energy needs.

It enables them to "leverage periods of high renewable power generation, and effectively use their building’s flexibility in energy demand and generation like a giant battery, to reduce costs and carbon emissions," per the statement.
The companies did not disclose the size of the investment.

Speaking of Big Oil and climate change, Reuters reports: "Royal Dutch Shell said on Thursday it would offset the carbon dioxide emissions of around 1.5 million road users in Britain starting later this month under a loyalty scheme."

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BP's moves highlight Big Oil's slow diversification into power tech

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