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.”