New Chinese investment for BP Group

  •   15/01/2020 - 11h50
  •   Adeline HARMANT

This morning, several interesting data have been added to the market news, including one in particular that will undoubtedly interest investors in BP shares. The BP group and its subsidiary Amoco have just announced an investment in the Chinese company R&B Technology. We therefore suggest you learn a little more about this data with a few more details.

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New Chinese investment for BP Group
Image copyright: Martin Abegglen - Flickr

A strategic investment in the Chinese energy market :

It was therefore in the morning that the BP Group announced this new Chinese strategic partnership in a press release. It should be remembered that the Chinese market, and more particularly the energy sector, is one of the target markets for this group and should therefore be the focus of the greatest attention in the years to come.

BP Amoco's subsidiary BP Ventures made the investment in China's R&B Technology, a company specialising in energy management. The company also offers energy management systems that are designed to predict, control and improve a building's energy consumption.

This investment is not a small one, however, as it represents more than $3.6 million. This is actually the latest round of financing for R&B Technology which is led by BP Ventures and is also supported by CLP Innovation Ventures Limited which is itself a subsidiary of the CLP Holdings Limited group as well as JAFCO Asia.

 

The BP Group and its subsidiary have expressed their views on this investment:

In order to reassure investors and explain the strategy put in place for this investment, the BP group and its subsidiary BP Alternative Energy made official statements this morning.

BP Amoco's management stated in a press release: "Buildings currently account for one third of the world's total energy consumption. R&B Software as a Service (SaaS) applies AI techniques to energy diagnosis and optimization in the commercial and industrial (C&I) sector, processing data for management and control of energy consumption.provide valuable information and recommendations on how to improve energy efficiency and enhance predictive maintenance in buildings.»

The group also added: "This allows building managers to make informed decisions to optimize energy performance and, as a result, reduce carbon emissions".

For its part, the subsidiary in charge of this investment, BP Alternative Energy, through its CEO Dev Sanval, said this morning: "Digital technology, smarter consumers and bold decarbonization targets are rapidly changing the world's energy systems.»

We advise you to follow closely the variations of this action in the coming days.