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Statoil to Invest $200 Million in Renewable Energy by 2022

  • Oil and gas producer will take minority share in startups
  • Company expects to invest in Europe and North America

Statoil ASA, Norway’s biggest oil and gas producer, will invest as much as $200 million in renewable energy over four to seven years as part of Chief Executive Officer Eldar Saetre’s plan to diversify the company’s portfolio.

A new fund, Energy Ventures, will take a minority stake in startups developing technologies including wind power, energy storage and smart grids, according to a company statement Tuesday.