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BP Alternative Energy
editBP established its Alternative Energy business in 2005 to explore low-carbon energy options.[1] BP Alternative Energy primarily invests in wind and biofuel operations.[2] The business's headquarters are based in Washington, D.C. and as of 2012, the BP Alternative Energy business employed 5,000 people worldwide.[3][4]
In 2005, BP committed to spending $8 billion on renewable energy over the next 10 years. As of December 2011[update], it had invested approximately $7 billion in renewable energy,[5] including $1.6 billion in 2011 alone.[6] According to the company's website, BP plans to invest around $1 billion per year in renewable energy.[1]
BP's solar power business operated for 40 years, until the company announced its departure from the solar energy market in December 2011, after which the company focused its investment in biofuels and wind energy.[5]
BP's corporate venturing activity is managed through Alternative Energy's Emerging Business and Ventures group, which has invested approximately $150 million in growth stage companies that develop clean energy technologies from 2006 to 2012. According to the company's website, key areas of focus for its renewable energy investments include carbon innovation, bio-energy and electrification.[7][8] Companies that BP has invested in include biotechnology companies Vedrezyne[9] and Chromatin, both developers of renewable energy feed stocks.[10]
- ^ a b "Alternative Energy". bp.com. BP. Retrieved 13 September 2012.
- ^ Meghan Schiller (11 July 2012). "BP eyes wind, biofuels in alternative energy". Medill News Service. Retrieved 23 July 2012.
- ^ Ken Wells (10 May 2012). "Big Oil's Big in Biofuels". Bloomberg Businessweek. Retrieved 24 September 2012.
- ^ Cathy Proctor (15 July 2011). "CEO discusses BP's move into alternative energy". Denver Business Journal. Retrieved 27 July 2012.
- ^ a b Tom Bergin; Sarah Young (21 December 2011). "BP turns out lights at solar business". Reuters UK. Retrieved 21 June 2012.
- ^ David Ferris (14 June 2012). "How Serious Is BP About Wind Energy?". Forbes. Retrieved 23 July 2012.
- ^ "BP Ventures". bp.com. BP. Retrieved 4 October 2012.
- ^ "Alternative energy". bp.com. BP. Retrieved 8 October 2012.
- ^ "Vedrezyne closes new financing round". CheckBiotech. 11 May 2011. Retrieved 4 October 2012.
- ^ Andrew Herndon (25 October 2011). "Chromatin Raises $10 Million as BP and Unilever Become Investors". Bloomberg. Retrieved 4 October 2012.