Petrobras is seeking a fund manager and external capital to invest in decarbonisation technologies.
Brazilian oil and gas company Petrobras is seeking to raise a BRL 500m ($89m) corporate VC fund alongside Brazilian development bank BNDES and the project financing agency Finep.
A call for proposals went out for managers for the fund, which will look to back startups in areas such as renewable energy, electromobility, energy storage, sustainable fuels, carbon capture and the decarbonisation of operations. It will be operated under the auspices of Petrobras Innovation Ventures, the corporate’s new innovation unit.
Petrobras itself will contribute up to 49% of the fund’s capital, with BNDES seeking to allocate up to 25%. Finep will contribute up to BRL 60m with resources from National Fund for Scientific and Technological Development (FNDCT). They have left the door open for more external LPs to come into the fund.
They expect to have a manager of the 12-year fund – who will have autonomy over investment decisions – by October this year with a view to start investing in the first half of next year.
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
