Oil Company Ocyan to Increase Investments in Clean Energy Startups

Published on: 5 May 2022 10:04 AM
by KnowESG

Ocyan, previously Odebrecht Óleo e Gas (OGG), a Brazilian oil corporation, has announced a call for entrepreneurs to research solutions in the areas of air and environment, energy efficiency, energy storage, and renewable energy.

The group's new startup acceleration programme, Booster, is on the lookout for so-called cleantech. Booster, unlike Ocyan's earlier Waves Challenge initiative, which targeted more mature projects three years ago, focuses on companies with projects in the validation stage.

Furthermore, Booster takes a more focused approach, preferring to help entrepreneurs develop their value proposition rather than hiring them.

Ocyan innovation manager Patricia Grabowsky said:

"We will prioritise in 2022 the acceleration of startups bringing solutions linked to new business opportunities. It differs from the editions of the Ocyan Waves Challenge, in which we brought challenges from different areas within our company to be solved by mature startups."

According to Ocyan, the company has been seeking new market opportunities to gradually minimise its activities that are only centred on fossil fuels.

“The focus on cleantech is an important move within our long-term ESG strategy, one of the goals of which is to dedicate 25% of our business to clean energy by 2040.” Company said.

Source: bnamericas