The majority perception of the term “cleantech” dictates that folks often think my company, Cleantech Group, must be entirely uninterested in working with large traditional players in the oil & gas (O&G) industry. Indeed, this couldn’t be further from the truth. In fact, our data from i3 and my interview with Jean-Michel Gires, former President & CEO of Total E&P Canada and now the newest Venture Partner at Chrysalix Energy Venture Capital, reveal that the O&G industry is embracing clean technology more closely than ever before.
O&G Corporates Partnering with Proven Innovators
Cleantech start-ups often have it tough. Those developing technologies that require more capital and time to scale than traditional “tech” startups lead some investors to argue that the sector just doesn’t fit the traditional venture capital model. And, like biomedical start-ups, some cleantech start-ups often face highly-regulated or otherwise-entrenched traditional industries where innovation is slower to take root.
It is with this backdrop that we see large O&G companies as important drivers of cleantech innovation. Large balance sheets allow for impactful investments and we’re seeing more and more O&G majors starting to embrace innovation more directly with dedicated venturing arms and co-investments with industry peers (see chart at …