BP Ventures invests £1.5mn in Voltaware as part of Series A funding
The investment unit of the UK-based oil ad gas giant, BP Ventures, has invested £1.5mn (US$1.99mn) in the energy monitoring firm, Voltaware.
BP Ventures invested the money as part of the company’s Series A Funding round, in which it raised £2.5mn ($3.31mn).
The subsidiary made the investment with the support of BP Alternative Energy’s strategy that targets low-carbon power, storage, digital energy.
The strategy is focusing on the impact of digitisation on the energy industry and how innovation and technology can transform energy consumption from individuals and businesses.
“Nearly two thirds of the projected growth in global energy demand over coming decades is expected to come in the form of electricity, and BP is looking at innovative ways to meet customers’ power and storage needs,” stated Dev Sanyal, CEO of BP Alternative Energy.
“Enabled by digital technologies such as those provided by Voltaware, we can be more efficient in the generation of electricity and how that power can be monitored, moved, sold, traded and stored.”
“Governments, business and individuals must all play their part in advancing the energy transition. Realtime energy monitoring is growing in importance and the time is right for businesses to start adopting the technology,” noted David Gilmour, Vice President of BP Ventures.
“Voltaware’s product gives customers access to more information and enables better choices. BP Ventures believes Voltaware’s offer to businesses could lead to far more efficient operations.”
“Modern utilities and businesses are looking at harnessing the power of electricity data as a key driver for their digital transformation strategy,” said Sergey Ogorodnov, Voltaware’s Founder and CEO.
“By utilising the power of Voltaware’s electricity data intelligence, businesses can achieve a sustainable competitive edge for their customers.”
“The £2.5 million invested by BP Ventures, First Imagine! Ventures and Contrarian Ventures, will help us focus on our AI and data science capabilities and speed up our growth.”
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.