Dec 16, 2020

bp buys majority stake in Finite Carbon

bp
carbonoffsets
Acquisitions
Dominic Ellis
2 min
The carbon offsets firm will be brought into bp's in-house business accelerator, bp Launchpad
The carbon offsets firm will be brought into bp's in-house business accelerator, bp Launchpad...

bp has acquired a majority stake in carbon offset developer Finite Carbon, building on its existing interest in the company. 

Finite Carbon is the largest developer of forest carbon offsets in the US. It now has 50 carbon projects on three million acres which have registered more than 70 million independently-verified offsets and generated more than $500 million in revenue for landowners.  

bp will bring the firm into its in-house business accelerator, bp Launchpad. Together with bp’s additional investment, this is expected to bolster Finite Carbon’s expansion, including into new geographical markets.

David Eyton, bp's Executive Vice President of Innovation and Engineering, said Finite Carbon has the potential to build a global platform for managing and financing natural climate solutions (NCS). 

"Deepening our partnership will allow them to accelerate their development and expansion. Finite Carbon’s progression through bp - from venturing investment to majority ownership and introduction to Launchpad – is a great example of how we are applying our unique innovation ecosystem to foster innovation and build material energy businesses in support of our net zero ambition."

Founded in 2009, Finite Carbon identifies and develops projects that enable landowners to generate revenue from the protection, restoration, and sustainable management of forests. These actions increase carbon stored in forests and generate carbon offsets that are verified against industry-recognized standards and can be traded on markets. 

bp invested $5 million in Finite Resources, the parent of Finite Carbon, in 2019, according to Bloomberg.

Sean Carney, founder of Finite Carbon added: “Putting a price on carbon can make it possible for anyone with the ability to protect, plant, or improve forests to generate revenue from their efforts. However, there is currently limited infrastructure to quantify, monitor, and verify these actions at scale. 

"Thanks to this unique partnership with bp, Finite Carbon now has the resources of a global energy company behind it to help address this enormous environmental challenge and help small landowners access this market."

Earlier this year, bp announced its ambition to become a net zero emissions company by 2050. In September, bp and Microsoft agreed to collaborate as strategic partners to further digital transformation ‎in energy systems and advance net zero carbon goals of both companies. 

Last month, bp and Ørsted signed a Letter of Intent to develop a ‎project for industrial-scale production of green hydrogen (click here). 

Sealaska, a forest carbon offset project in Southeast Alaska developed by Finite Carbon, is pictured.

Share article

May 6, 2021

Global Offshore rebrands Enelift and invests in global hubs

Tubulars
rebrand
Globalhubs
Dominic Ellis
2 min
Enelift plans to augment existing solutions with robotics and remote operational and training technology

Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.

The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.

The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.

Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.

Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.

The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.

Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".

"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.

Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.

"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."

 

Share article