BP aims to create energy tech unicorns

BP is revealing more info about Launchpad, a quietly formed internal unit aimed at creating billion-dollar technology companies — including firms that help produce oil-and-gas more efficiently.

Driving the news: BP says Launchpad is aimed at building five companies each worth a billion dollars — or "unicorns" in startup-speak — by 2025.

• BP says it's aimed at the challenge of meeting growing energy demand with fewer emissions.
• I learned about it — and confirmed with BP — from this Financial Times piece Sunday.

The intrigue: Launchpad is separate from BP Ventures, the company's internal VC arm.

"[H]ere we intend to majority-own or wholly-own companies that we can grow into large entities. These companies could be from outside or grown out of our technology."

Where it stands: Right now BP says Launchpad has three portfolio companies, including the subsurface data company Lytt and Stryde, a seismic technology firm. But it's slated to soon grow beyond oil-focused firms, per FT.

• "Other companies in development include a predictive wind energy infrastructure maintenance platform and a carbon management and offsetting app," they report.

But, but, but: Yesterday's FT piece wasn't the first revelation of the in-house unit. The Houston Chronicle briefly described it last May in a story focused on Lytt.

Go deeper:

• BP rolls out new plastics recycling effort
• BP to provide Amazon with renewable electricity for European data centers
• BP invests $5 million in forest carbon offsets firm Finite Carbon