StatoilHydro to strengthen its venture activity
2008.10.21 -
Industry
The new management company will be led by Arne Frøiland, former vice president of StatoilHydro Corporate Venture. "The new management company will benefit from the StatoilHydro relationship through opportunities for both pilot projects and increased deal flow," says Arne Frøyland. "The management company will also be a preferred partner to StatoilHydro for venture fund investments."
The new management company will immediately start the process of bringing in investors, establishing a fund for future investments (Fund II), aiming for a StatoilHydro ownership of some 25-40 per cent.
"The target size of the new fund will be between NOK 0.5-1.0 billion," says Mr Frøiland. "We will invite a few high-quality investors to participate. The management agreement for this fund would be on standard venture industry terms."
StatoilHydro will continue its strong in-house focus on industrial development through the LOOP programme and other direct strategic technology investments.
"The strategic thinking is to strengthen the capacity of Venture as a wider “radar” of external innovation to tap into promising and relevant technologies to support our research and business development within the whole energy sector," says Mr Loktu.
Photo://StatoilHydro
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