Bachmann, Stjernfeldt Join EVPE Board
EV Private Equity (EVPE) has appointed two new Advisory Board members, Bettina Bachmann and Carl Stjernfeldt, who bring decades of experience and venture capital knowledge to the firm.Bachmann spent 35 years at Shell, latterly as Vice President of Subsurface & Wells Software and now sits on several boards in nonexecutive roles…
OGCI Invests in Wind Power for Ships
OGCI Climate Investments has led an EUR 8 million investment round in Norsepower, along with current investors, to accelerate Norsepower’s growth on global markets.The investment enables Norsepower to scale up production at its manufacturing facilities as part of a next phase of commercialization triggered by demand for its renewable wind energy propulsion systems…
Efficient Wave-Generated Power … Really!
Wave-generated power could be considered the Rodney Dangerfield of offshore renewable energy sources; it gets no respect. There have been a number of high-profile, expensive failures that have conspired to give the sector a poor reputation despite a number of engineering advances. A new entrant is SurfWEC offering a patented…
GA Drilling Gets Capital Boost
Slovakia-based GA Drilling has received a boost to help develop, test and commercialize its innovative plug and abandonment (P&A) technology. The company has signed a £4.2 million ($4.7 million) funding agreement with Budapest based venture capital firm Lead Ventures, with funding provided by Hungary-based integrated, international…
GA Drilling Gets Fund, Signs Pact with MOL
High-tech deep-drilling company GA Drilling signed a EUR 4.2 million funding agreement with Lead Ventures and a service agreement with MOL Group.Lead Ventures, a Budapest based venture capital firm invested funds provided by MOL Group, and Hungarian Eximbank.The deal gives GA Drilling access to onshore production wells…
Chevron, Occidental Invest in CO2 Removal Technology
Canada-based Carbon Engineering said on Wednesday it had received investment from a subsidiary of Occidental Petroleum Corp. and the venture capital arm of Chevron Corp.
SEACOR Marine to Acquire Brazil's UP Offshore
SEACOR Marine Holdings, the provider of marine and support transportation services to offshore oil, has announced the acquisition of UP Offshore (Bahamas) by a new joint venture company that is 49% owned by a subsidiary of SEACOR Marine and 51% owned by a subsidiary of Proyectos Globales de Energía y Servicios CME.UP Offshore…
Innovators Toil to Revive Canada Oil Sands
In the boreal forests and on the remote prairies of Alberta, a handful of firms are running pilot projects they hope will end a two-decade drought in innovation and stem the exodus of top global energy firms from Canada's oil sands. They are searching for a breakthrough that will cut the cost of pumping the tar-like oil…
Statoil Wins Offshore Wind Lease in New York
Just days after Deepwater Wind said its Block Island Wind Farm has begun delivering electricity into the New England region’s grid, Statoil reports that it has been declared the provisional winner of the U.S. government’s wind lease sale of 79,350 acres offshore New York. Statoil will now have the opportunity to explore…
Oil Prices Fall as Dollar Hits 14-year High
Oil prices fell on Thursday as the dollar rallied in the wake of a rise in U.S. interest rates, despite forecasts of a tighter oil market in 2017 due to planned output cuts. The dollar neared a 14-year high against a basket of other currencies after the U.S. Federal Reserve raised rates for the first time in a year and hinted rates could rise more quickly than investors had anticipated in 2017.
Total Energy Ventures Invests in Smart Grids with AutoGrid
Total Energy Ventures (TEV), the venture capital arm of Total that invests in start-ups, has acquired an interest in AutoGrid, a company that develops digital solutions to manage and optimize energy supplied to and from the power grids. Founded in 2011, California-based AutoGrid has developed an internet platform that provides…
Marathon Oil to buy PayRock Energy Holdings
Oil and natgas producer Marathon Oil Corp said on Monday it agreed to buy PayRock Energy Holdings LLC for $888 million from venture capital firm EnCap Investments. PayRock has current production of about 9,000 net barrels of oil equivalent per day in Oklahoma. A portfolio company of EnCap Investments, PayRock focuses on Oklahoma and Kansas. Reporting by Arathy S Nair
Statoil Gets Rare Respite from Green Lobby at AGM
WWF, Greenpeace give Statoil a break after greener shift. Norwegian oil company Statoil will face only muted criticism of its environmental record at an annual general meeting (AGM) on Wednesday, in a rare respite caused by a small shift towards green energy. All major oil firms say they are working to protect the environment, but analysts say it is frequently hard to judge their sincerity.
Statoil Invests $ 3 mln in United Wind
Statoil Energy Ventures announces today that it has invested USD 3 million in United Wind, the leading provider of distributed wind energy leasing solutions. This is the first investment by Statoil Energy Ventures: Statoil’s new USD 200 million venture capital fund dedicated to investing in attractive and ambitious growth companies in renewable energy…
Statoil launches $ 200m Energy Investment Fund
Statoil today launches a new venture capital fund dedicated to investing in attractive and ambitious growth companies in renewable energy, supporting its strategy of growth in new energy solutions. The new fund, Statoil Energy Ventures, will invest up to USD 200 million (around NOK 1.7 billion) over a period of four to seven years.
Futures Gain as Oil Edges Higher
Stock futures pointed to a higher opening for Canada's main stock index on Tuesday as oil prices rose on hopes that OPEC and non-OPEC producers may be edging closer to a deal to tackle one of the biggest supply gluts in decades. March futures on the S&P TSX index were up 0.63 percent at 7:30 a.m. ET. No major economic events are scheduled for the day.
U.S. Output Slide Looms as Shale Hits 'Wall'
Stagnating rig productivity shows U.S. shale oil producers are running out of tricks to pump more with less in the face of crashing prices and points to a slide in output that should help rebalance global markets. Over the 16 months of the crude price rout, production from new wells drilled by each rig has risen about 30 percent as companies refined their techniques…
Husain appointed ABB’s CTO
ABB, the leading power and automation technology group, has appointed Bazmi Husain as Chief Technology Officer (CTO), effective January 1, 2016. Husain, an expert in power and automation who has been with ABB for more than 30 years, will report to CEO Ulrich Spiesshofer. Husain is currently Managing Director of ABB India Ltd.
Solar Energy Company Sunrun Files for IPO
U.S. solar energy company Sunrun Inc on Thursday filed with U.S. regulators for an initial public offering of its common stock. Credit Suisse, Goldman Sachs & Co and Morgan Stanley were among the underwriters for the IPO, the company told the U.S Securities and Exchange Commission in a preliminary prospectus. Sunrun, which installs and maintains solar panels for homes…
Prison Labor Keeps Solar Manufacturing at Home
One of the largest companies to manufacture solar panels in the United States uses a surprising resource to keep costs low and compete against producers from China: prison labor. Suniva Inc, a Georgia-based solar cell and panel maker that is backed by Goldman Sachs Group Inc, farms out a small portion of its manufacturing…
