BP Ventures, the investment arm of energy giant BP, has added its backing for innovative solar technology that can enable megawatt-scale plants to be deployed at low cost in just a day.
The company has committed US$13.5 million in investment to the series B funding round for 5B, an Australian start-up that has pioneered a technology that enables the rapid unfolding of as much as 90 photovoltaic modules on specifically designed frames. The technology was demonstrated in Chile in early 2021, when a team of just 10 people deployed a 1.1-megawatt plant in a single day.
BP intends to be a big player in solar energy, mostly through BP Lightsource, in which it owns a 50% stake. The company says it will now consider opportunities for using 5B’s technology within its businesses. BP Ventures’ Principal, Johnathan Stone, will also join 5B’s board.
Chris McGrath, the CEO of 5B, said about BP’s investment:
“Collaborating with BP Ventures and the broader BP businesses offers us a wealth of global commercial and operational expertise. It presents a great opportunity to deploy our 5B Maverick technology across a range of global markets.”
While BP has a broad range of energy businesses, it also owns the Castrol brand, which makes a range of products for industry, such as the Castrol Rustilo rust preventatives. If you’re interested in procuring any Castrol products, as well as those from the numerous other brands we stock here at TrAchem, get in touch with our specialist team.
