(Petrobras, 21.Feb.2024) — Petrobras and the BNDES have begun studies to structure a Corporate Venture Capital (CVC) fund to support micro, small and medium-sized technology-based companies. In this first phase, the idea is to identify the most promising sectors for this type of investment, considering themes related to the energy transition and which are aligned with the long-term strategies of Petrobras and the BNDES.
The initiative is one of the actions of the Technical Cooperation Agreement, signed in June last year, to form the BNDES-Petrobras Joint Commission, aimed at the oil and gas areas, with a focus on scientific research, energy transition and decarbonization and productive development and governance. The agreement is valid for up to four years.
This first Petrobras and BNDES CVC fund will be set up in accordance with CVM rules. The manager will be chosen through a public tender, and will have independence for decisions and investments, as well as the authority to act on behalf of the fund. The investment thesis will cover innovative businesses related to renewable and low-carbon energies that accelerate Petrobras’ positioning in the energy transition.
The company plans to invest US$ 100mn in CVC over the next five years, according to the 2024-2028 Strategic Plan. The structuring of CVC’s governance and the amounts to be invested will still be submitted to the internal approval bodies of Petrobras and the BNDES. The objectives of both partners are business origination, supplier and market development, technological intelligence and return on capital.
“Cooperation with the BNDES will accelerate the governance and structuring processes of the CVC, which will serve as a growth lever for capturing value from innovation in low-carbon energies, in line with our strategies disclosed for the 2024-2028 Strategic Plan,” said Petrobras President Jean Paul Prates.
Petrobras’ Director of Energy Transition and Sustainability, Maurício Tolmasquim, emphasized that “the CVC will allow us to foster innovative ideas and business models, in a way that is integrated with the innovation framework that Petrobras already develops within the scope of its research and development projects.”
For Aloizio Mercadante, president of the BNDES, investing in energy transition and innovation is the solution to guaranteeing the sustainable development of the Brazilian economy. “Venture capital is an important tool for financing innovative micro, small and medium-sized companies, and the involvement of large public companies, such as BNDES and Petrobras, is a fundamental stimulus for us to make new technological leaps in the country,” said Mercadante.
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