Statoil launches renewables division

Statoil has announced the establishment of new business area for New Energy Solutions (NES) to seize the opportunities within the emerging renewables sector.

According to Statoil, the transition of the global energy systems to a low carbon society creates new business and growth opportunities within renewables and new energy solutions.

Establishing NES as a separate business area reflects the aspirations to gradually complement the oil and gas portfolio with profitable renewable energy and other low-carbon energy solutions.

As a starting point, the existing offshore wind portfolio will constitute Statoil’s activities in renewables area, but the ambition is to grow and potentially expand into other sources of renewable energy through technology and business innovation, as well as venture activities, Statoil’s press release reads.

Irene Rummelhoff has been appointed as Executive Vice President (EVP) of the New Energy Solutions, and will be tasked with leading the development of the business area.

The new business area will focus on developing commercial sources of alternative energy, as well as looking at investments in proven alternative and renewable energy.

NES will report directly to Statoil’s CEO, it is stated in Statoil’s press release.

Statoil is a Norwegian-based international energy company whose main operations cover oil and gas sector.

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Image: Statoil