Statoil's recently launched $200m renewables and low carbon fund has made its first investment, leading the distributed wind energy company's series B round.
Statoil Energy Ventures (SEV), the recently launched corporate venturing subsidiary of energy company Statoil, invested $3m in US-based distributed wind energy provider United Wind yesterday as part of an $8m series B round.
SEV co-led the round with alternative investment management firm Forum Equity Partners, and each of the two will appoint a representative to United Wind’s board of directors.
Founded in 2013, United Wind provides small-scale wind energy through a scheme called WindLease, which enables customers to pay for United to install, operate and maintain wind turbines through a leasing agreement.
The system is structured similarly to the one which has proven so successful for the growth of small-scale solar power. Forum made its equity investment in the wake of $200m of financing it supplied to the WindLease initiative last month.
Gareth Burns, managing director of Statoil Energy Ventures, said: “This transaction fits well with two of our key investment purposes: Testing and positioning for future potential growth legs, while also exploring high impact business models.
“We are excited to partner with United Wind and look forward to driving further growth through financing and access to technology and market experience.”
United Wind had previously raised approximately $800,000 in equity funding in 2013 and early 2014, according to regulatory filings. SEV’s participation in the round represents the first investment by the $200m fund since its launch last month.
– Photo courtesy of United Wind Inc.
