Horvik (Norways) - The Norwegian classification society DNV GL has launched a venture fund in response to the challenges of the “decade of transformations,” which will be defined by the energy transition and the fourth industrial revolution. DNV GL Ventures will build a portfolio of between 15-20 startups in the next four years, taking stakes of up to 20% in the companies.
“We have entered a decade of transformation where the pace of the energy transition will be set and digital technologies underpinning industry 4.0 will mature from experimentation into large-scale application. Therefore, operating like it is business as usual is not an option,” said Klas Bendrik, Chair of DNV GL Ventures investment committee and DNV GL’s Chief Digital Transformation Officer. “The launch of DNV GL Ventures is an acknowledgment that even a company of experts like ours must look beyond its own four walls to stay relevant.”
DNV GL’s Energy Transition Outlook forecasts a rapid decarbonization of the global energy system and by midcentury fossil fuels and renewables will almost equally share the energy mix. DNV GL’s services are already reflecting this shift and since the new year DNV GL has announced it will monitor the largest solar farm in Europe and launched FuelBoss, a platform that facilitates LNG bunkering for ships.
With these factors in mind, DNV GL Ventures is looking to invest in companies that reflect these important transformations. Although DNV GL Ventures has a wide remit, it will also focus on DNV GL’s strong industry categories, especially the maritime and energy sectors. DNV GL is also a leading certification body and has developed digital solutions and ecosystems together with the blockchain technology provider VeChain, in which DNV GL bought a stake in 2018. The venture fund will continue to explore opportunities that boost customer trust and supply chain transparency, particular in the food & beverage, healthcare and automotive sectors.