Royal Dutch Shell PLC is willing to invest “several hundred million dollars” over 6-8 years in companies with emerging technologies that can help its operations.
Shell Technology Ventures will make the investments in promising technology companies, technology spin-outs, and externally managed venture capital funds.
Targeted technology areas include gas production and conversion, geophysical imaging, chemical manufacturing and conversion, novel materials, enhanced oil recovery, and water treatment.
Other possible areas include information technology, drilling and completion, subsurface sensing, production in challenging environments, operational efficiency, and future energy technologies.
“Ideas from outside the organization are critical to our open innovation approach to [research and development],” said Gerald Schotman, Shell chief technology officer. “We want to enable the brightest and the best to develop their ideas and benefit from Shell’s expertise and global reach so that we can get these technologies up and running in our projects as fast as we can.”
Geert van de Wouw, Shell Technology Ventures director, said the company wants to develop “long-term, mutually beneficial partnerships with emerging-technology companies, venture capital firms, and corporate venturing organizations.”
Shell said it spent more than $1.3 billion on R&D last year.