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