BP plans to create five $1bn businesses by 2025
The British oil major has spent the past year creating a subsidiary to build businesses focused on digital, low-carbon technology
BP subsidiary Launchpad, created over the past year, aims to create five unicorns $1bn companies by 2025. Launchpad works in tandem with BP's venture capital arm, and will become a majority holder of businesses focused on the circular economy, and digital, low-carbon technologies.
The company plans to grow new businesses into large-scale entities that can work alongside its hydrocarbon divisions, with the aim of providing more energy with lower carbon emissions, the Financial Times reported. The companies include Lytt, which develops subsurface analytics, and Stryde, which focuses on seismic technology.
FT added that the company is also developing a predictive wind energy infrastructure maintenance platform, as well as an app to help manage and offset carbon emissions.