We use cookies
to help provide you with a good experience on our website. By continuing to browse the website, you are agreeing to our use of cookies.

BP invests $3.6 million in Chinese AI energy management tech company

GO DIGITAL OIL & GAS

BP invests $3.6 million in Chinese AI energy management tech company

BP

BP Ventures invested $3.6 million in Chinese AI energy management specialist R&B, supporting BP Alternative Energy’s focus on low-carbon power, storage, digital energy value chain and wider Energy as a Service (EaaS) offers, Oil & Gas 360 reports.

R&B’s SaaS applies AI techniques to energy diagnostics and optimization in the commercial and industrial sector, processing data to generate valuable insights and recommendations of how to improve energy efficiency and enhance predictive maintenance in buildings.

Digital technology, smarter consumers and bold decarbonisation targets are together rapidly changing the world’s energy systems. BP is determined to help meet society’s demands for more energy, delivered in new and cleaner ways. Our investment in R&B, a business developing and deploying innovative technology to improve energy efficiency, is fully aligned with this strategy.

Dev Sanyal, BP Alternative Energy chief executive and executive vice president, regions

Through its venturing business, BP is leveraging a wide range of investments in technology-related businesses that have the potential to reduce greenhouse gas emissions in BP’s operations, improve products and services.

Improving the energy efficiency of buildings will be crucial for the transition to a lower-carbon world. The C&I buildings sector in China is large and still expanding, so the potential to affect change is significant. R&B’s technology is aimed firmly at this important opportunity.

Graham Howes, managing director of BP Ventures, Asia

This is the latest financial injection in China for BP Ventures. It follows an investment into PowerShare, a software solution provider for electric vehicle sharing, last year and a $10 million investment in NIO Capital to explore opportunities in advanced mobility in 2018.

Relevant news

GO DIGITAL OIL & GAS
BP Ventures looking to make “complementary” investments to create digital tech portfolio
BP Ventures aims to create a portfolio of “complementary” investments, including into artificial intelligence.
BP
GO DIGITAL OIL&GAS MIDDLE EAST
BP plans to create five $1bn businesses focused on the circular economy and low-carbon technologies
BP subsidiary Launchpad aims to create five unicorns $1bn companies focused on the circular economy, and digital, low-carbon technologies by 2025.
BP
GO DIGITAL OIL & GAS
BP invests £2 million in AI energy firm
BP said it will look to invest around £2 million in an artificial intelligence cloud-based software firm Grid Edge through its BP Ventures arm.
BP
GO DIGITAL OIL&GAS MIDDLE EAST
The journey of BP to be the digital leader
Ed Alford, VP Digital Transformation IT&S, BP is going to speak on Day 1, March 18, of the Go Digital Oil&Gas Middle East summit in Abu Dhabi. Ed will shed light on how BP is transforming and modernising the global IT function enabling BP to be the digital leader in the industry.
GO DIGITAL OIL & GAS
BP sees great value in Digital Transformation
BP
GO DIGITAL OIL & GAS
Oil & gas executives expect quantum computing to change the face of the industry – S&P Global