Norwegian oil and gas giant Statoil has launched a new investment fund which will focus on renewables, the company announced this week.

The $200m Statoil Energy Ventures fund aims to invest in projects in the offshore and onshore wind, solar power, energy storage, transport, energy efficiency and smart grid sectors over a four- to seven-year period.

The fund will be part of Statoil’s newly-created New Energy Solutions business unit, which the company said “reflects [its] aspirations to gradually complement its oil and gas portfolio with profitable renewable energy and low-carbon solutions”.  

Statoil said it expects the fund to function primarily as a minority shareholder in growth companies, preferably as a co-investor with other venture firms.  

Irene Rummelhoff, Statoil’s executive vice-president for New Energy Solutions, said: “The transition to a low carbon society creates business opportunities, and Statoil aims to drive profitable growth within this space. Through the new fund, we look forward to investing in attractive and ambitious companies and contribute to shaping the future of energy.”