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BP PLC on Thursday said it is investing A$20 million in an Australian renewable energy and rapid deployment solar provider 5B Holdings Pty Ltd.
London-based oil major BP said the investment closes 5B’s funding round of A$55 million.
‘5B’s leading solar technology, the 5B Maverick, consists of up to 90 solar panels mounted on specially designed frames that can be unfolded and installed at speed. To date, 5B has deployed its technology across more than 100 sites worldwide with total generating capacity of over 60 megawatt,’ BP explained.
Jonathan Stone, principal at bp ventures, who will join 5B’s board, said: ‘5B’s innovative solar technology can deliver low-cost power generation at speed, helping to meet rising electricity demand. This deal is a fantastic example of bp investing in a business that will support our renewable energy transition growth engine. And is another strand of our multi-energy vector country strategy that will support the decarbonization of energy in Australia.’
BP shares were 0.5% lower at 467.14 pence each on Thursday morning in London.
By Tom Budszus, Alliance News reporter
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