Jan 14, 2020 (China Knowledge) - The investment arm of global energy giant BP, BP Ventures, has made a debut funding in China’s energy management specialist R&B Technology Holding Co Ltd, according to an announcement. As part of its Series B+ funding round, BP Ventures has led a USD 3.6 mln investment in the company, with CLP Innovation Ventures and technology-focused venture capital firm JAFCO Asia chipping in.
BP Group will spruce up its focus on low-carbon power, storage, among others with the aid of the investment. Powered by artificial intelligence (AI), and vertical industrial applications such as Software-as-a-Service (SaaS), R&B specializes in creating energy management software for commercial and industrial (C&I) building sectors. With a commitment to provide infrastructure-level smart services, the Shanghai-based company said that its proprietary technologies can pave the way for enterprises to control, predict and thus, improve a building’s energy use. R&B also claims to generate low-carbon power system for buildings.
The investment will aid BP in expanding its operations as it looks to clinch partnerships in China’s technology-related businesses to reduce greenhouse gas emissions and create new low carbon businesses for BP globally.
“Improving the energy efficiency of buildings will be crucial for the transition to a lower-carbon world, and R&B’s technology aims firmly at this important opportunity, ” said Graham Howes, managing director of BP Ventures, Asia, in a statement.
BP will focus on 5 spectrums as it forays into China’s new energy opportunities. These include advanced mobility; carbon management; power and storage; digital transformation and bio and low carbon products.
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