(Alliance News) - Oil major BP PLC has set up a subsidiary company to create five businesses aimed at tackling the challenge of providing more energy with fewer carbon dioxide emissions by 20205, the Financial Times reported on Sunday.
Launchpad, which sits alongside BP's venture capital unit, will focus on building large companies able to run alongside existing hydrocarbon divisions and specialise in digital and low-carbon technologies.
"We are trying to build unicorns in the energy business", said Stephen Cook, managing partner of Launchpad and chief commercial officer for BP's technology division.
Potential companies include Lytt, a subsurface analytics company, and Stryde, a seismic technology firm, both of which were developed to boost the productivity of oil wells.
Other companies in development include a predictive wind energy infrastructure maintenance platform and a carbon management and offsetting app, both of which BP plans to launch in the first three months of 2020.
https://www.ft.com/content/bd8e838e-2324-11ea-92da-f0c92e957a96?segmentId=bf7fa2fd-67ee-cdfa-8261-b2a3edbdf916
BP's shares were up 1.2% at 500.00 pence on Monday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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