Shell to Splash Millions on New Technologies
- Business & Finance
Shell is ready to invest several hundred million dollars in emerging technology companies, with the aim to accelerate the deployment of innovations that add value to the company’s operations. From smarter exploration processes to enhanced extraction techniques, Shell’s corporate venturing arm Shell Technology Ventures will make investments over the next six to eight years.
Gerald Schotman, Executive Vice President Innovation, R&D and Shell Chief Technology Officer, said:
“Ideas from outside the organisation are critical to our open innovation approach to R&D. We want to enable the brightest and the best to develop their ideas, and benefit from Shell’s expertise and global reach, so that we can get these technologies up and running in our projects as fast as we can.”
As well as promising technology companies, Shell is looking to invest in technology spin-outs and externally-managed venture capital funds. The company will look at areas including gas production and conversion; geophysical imaging; chemical manufacturing and conversion; novel materials; enhanced oil recovery; and water treatment. Various aspects of information technology (“Big Data”); oil and gas wells drilling and completion; sub-surface sensing; production in challenging environments; operational efficiency; and future energy technologies will also be sought.
Partners may be granted access to Shell’s technical experts, its global research capability and its customer, supplier and contractor base. Shell may look to enable field trials where appropriate and serve as a launching customer for these new technologies. Companies are encouraged to submit their proposals via the process as set out at www.shell.com/techventures.
Geert van de Wouw, Shell Technology Ventures Director, said:
“We are looking to develop long-term mutually, beneficial partnerships with emerging technology companies, venture capital firms and corporate venturing organisations. A good example of where this is already working is our investment in GlassPoint Solar Inc. Their pilot plant in the Middle East taps heat from the sun to generate steam for enhanced oil recovery. Petroleum Development Oman (PDO) contracted GlassPoint to build the plant, which is currently being tested.”
Shell Technology Ventures is the corporate venturing arm of Shell and follows the existing Shell Technology Ventures Fund 1, which is managed by independent Kenda Capital. Kenda will continue to commercialise its existing portfolio of oil and gas technology investments.