DNV GL to invest in energy transition startups
DNV GL has launched a venture fund in response to the challenges of the energy transition. ‘It is an acknowledgment that even a company of experts like ours must look beyond its own four walls to stay relevant,’ says Klas Bendrik, DNV GL’s Chief Digital Transformation Officer.
‘We have entered a decade of transformation where the pace of the energy transition will be set and digital technologies underpinning industry 4.0 will mature from experimentation into large-scale application. Therefore, operating like it is business as usual is not an option,’ adds Bendrik.
DNV GL’s Energy Transition Outlook forecasts a rapid decarbonization of the global energy system and by midcentury, fossil fuels and renewables will almost equally share the energy mix. DNV GL’s services are already reflecting this shift and since the new year DNV GL has announced it will monitor the largest solar farm in Europe and launched FuelBoss, a platform that facilitates LNG bunkering for ships.
Fifteen to twenty startups
With these factors in mind, DNV GL Ventures is looking to invest in companies that reflect these important transformations. The department will build a portfolio of between fifteen to twenty startups in the next four years, taking stakes of up to twenty per cent in the companies.
The company will invest in startups in the seed to series A phase, meaning they have their first customer or in other ways validated their product-market fit. In addition to capital, the startups will gain access to DNV GL’s wide spectrum of technical expertise, customer base and brand value.
Ninety second video pitches
In keeping with the rapid pace of change, DNV GL is inviting startups to send ninety second video pitches directly to the venture team. Each video will be reviewed, and feedback given within fifteen working days.
‘Startups will have enough time in the future to make PowerPoint presentations, we want them to be focused on developing their product and building their customer base,’ says Kaare Helle, Venture Director at DNV GL Ventures. ‘The video pitch is an opportunity to demonstrate their business case in a way that is time efficient for both parties.’