DNV GL has created a venture fund, DNV GL Ventures, which will build a portfolio of between 15-20 start-ups in the next four years, taking up an equity stake of up to 20% in the companies
DNV GL chief digital transformation officer Klas Bendrik said the challenges of the coming decade mean “operating like it is business as usual is not an option.”
“We have entered a decade of transformation where the pace of the energy transition will be set and digital technologies underpinning industry 4.0 will mature from experimentation into large-scale application,” adding “The launch of DNV GL Ventures is an acknowledgment that even a company of experts like ours must look beyond its own four walls to stay relevant.
The company’s own Energy Transition Outlook forecasts a rapid decarbonisation of the global energy system and expects that fossil fuels and renewables will almost equally share the energy mix by mid-century.
DNV GL Ventures is looking to invest in companies that reflect these transformations by focusing on the maritime and energy sectors. In 2018, it bought a stake in a blockchain firm, VeChain, to supplement its expertise as a certification body.
Speaking of what the company can offer start-ups, DNV GL Ventures’ venture director, Kaare Helle said “Over the last 150 years we have accumulated a massive amount of knowledge and a customer base to match, and any start-up we invest in will be able to tap into this.”
Start-ups are invited to send a 90-second video pitch directly to the venture team. Each video will be reviewed, and feedback given within 15 working days. Mr Helle added “Start-ups will have enough time in the future to make PowerPoint presentations, we want them to be focused on developing their product and building their customer base. The video pitch is an opportunity to demonstrate their business case in a way that is time efficient for both parties.”
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