User:Arturo at BP/Alternative Energy

BP Alternative Energy
BP established its Alternative Energy business in 2005 to explore low-carbon energy options. BP Alternative Energy primarily invests in wind and biofuel operations. The business's headquarters are based in Washington, D.C. and as of 2012, the BP Alternative Energy business employed 5,000 people worldwide.

In 2005, BP committed to spending $8 billion on renewable energy over the next 10 years. , it had invested approximately $7 billion in renewable energy, including $1.6 billion in 2011 alone. According to the company's website, BP plans to invest around $1 billion per year in renewable energy.

BP's solar power business operated for 40 years, until the company announced its departure from the solar energy market in December 2011, after which the company focused its investment in biofuels and wind energy.

BP's corporate venturing activity is managed through Alternative Energy's Emerging Business and Ventures group, which has invested approximately $150 million in growth stage companies that develop clean energy technologies from 2006 to 2012. According to the company's website, key areas of focus for its renewable energy investments include carbon innovation, bio-energy and electrification. Companies that BP has invested in include biotechnology companies Vedrezyne and Chromatin, both developers of renewable energy feed stocks.