Oil and Gas Climate Initiative, which operates a $1bn fund backed by 10 corporates, has named Solidia Technologies and Achates Power among its first investments.

Oil and Gas Climate Initiative (OGCI), the corporate-backed initiative focused on low carbon technologies, announced the first three investments made by its $1bn OGCI Climate Investments fund on Friday.

OGCI launched its $1bn fund in November 2016 with a $100m commitment from each of its members: BP, China National Petroleum Corporation, Eni, Pemex, Reliance Industries, Repsol, Royal Dutch Shell, Saudi Aramco, Statoil and Total.

The fund has invested an undisclosed sum in Solidia Technologies, a US-based cement producer that…