BP to invest in ‘fast-track’ solar technology company

Bp It said it is investing A$20 million ($13.53 million) in 5B, an Australian renewables company built on solar technology.

The energy major has completed an A$55 million Series B funding round led by 5B – an investment through subsidiary BP Ventures – led by Artesian and AES Corporation.

“5B deployable solar technology enables faster, easier and cheaper solar installations,” BP’s announcement said.

Australian company 5B says the 5B Maverick system is a “completely turnkey, plug-and-play solar farm in a box.” He added: “Each 5B Maverick array consists of up to 90 solar modules, mounted on [nine] Shelves arranged between 10 composite steel-concrete beams.

According to BP, 5B has deployed more than 60 megawatts of solar technology globally; On projects in Europe, Asia, South America and America.

The investment will allow 5B to expand globally and invest in R&D, he added.

“Today’s energy system is a hydrocarbon system.”

CEO Bernard Loney said recently that BP’s strategy is focused simultaneously on hydrocarbons and the planned energy transition.

“What the world needs, now more than ever, is dialogue and sustained action today and tomorrow that engages with concrete and real facts,” Looney said during a panel discussion moderated by CNBC’s Hadley Gamble in early November.

“Our strategy as BP – what we do in the UK, we’re working here in the Middle East and we’re working in the United States and around the world – is to invest in hydrocarbons today, because today’s energy system is a hydrocarbon system,” he said.

Speaking at the Adipex conference in Abu Dhabi, Loney said his company is “obviously trying to produce those hydrocarbons with as few emissions as possible” while at the same time investing in “accelerating the energy transition.”

“We’re doing that in Britain, we’re doing that in the United States, we’re doing it here,” he said, exploring carbon capture, electric vehicle charging, hydrogen and offshore wind.

BP says it will focus on net zero emissions by 2050.

Achieving carbonation poses significant financial and logistical hurdles. Earlier this month, the International Energy Agency said renewables would overtake coal as the planet’s largest source of electricity by the middle of this decade.

The IEA’s Renewables 2022 report predicts a major shift in the world’s electricity mix amid high volatility and geopolitical tensions.

“The first global energy crisis triggered by Russia’s invasion of Ukraine has led to an unprecedented push for renewables,” he added. [will] In the year As early as 2025, it will surpass coal as the world’s largest source of electricity.