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Joint Initiative Aims to Select Manager for Corporate Venture Capital Fund Focused on Renewable Energies and Decarbonization, Could Reach R$ 500 Million in Investments. Petrobras Leads with Potential Investment of R$ 250 Million.
Petrobras, the National Bank for Economic and Social Development (BNDES), and the Financing Agency for Studies and Projects (Finep) announced an important initiative. A public call for proposals was launched on Wednesday (4/6). The goal is to select a manager and structure a Private Equity Fund (FIP). This fund will operate in the Corporate Venture Capital (CVC) modality, aiming at the future of energy in Brazil.
Details of the Initiative and Investment Focus
The new fund will be dedicated to strategic investments. It will seek minority stakes in startups as well as micro, small, and medium enterprises (MSMEs) with a technological basis. The main criterion is that these companies have innovative solutions. The focus areas are renewable and low-carbon energies in Brazil. This action reinforces Petrobras‘ commitment to the energy transition.
Strategic Areas and Profile of Target Startups for Petrobras
Several sectors are of interest to the fund. Among them are renewable energy generation and energy storage. Electromobility and sustainable fuels are also priorities. Additionally, the fund will consider technologies for carbon capture, utilization, and storage (CCUS). The decarbonization of industrial operations is another key area. The target startups should present already validated solutions. They are expected to have a start of recurring revenue, classifying between the Seed and Series B stages.
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Investment Structure and Potential of the Petrobras Fund
Petrobras demonstrates its strong engagement in the project. The state-owned company plans to invest up to R$ 250 million. This amount is limited to 49% of the total capital of the fund. BNDES, in turn, may contribute up to R$ 125 million, restricted to 25% of the fund. Finep will participate with R$ 60 million, using resources from the National Fund for Scientific and Technological Development (FNDCT). The organizations state that, in addition to anchor investors, the fund has the potential to receive contributions from other investors. Thus, the total investment could reach up to R$ 500 million.
Operation, Timelines, and Strategic Alignment of the Fund
The president of BNDES, Aloizio Mercadante, emphasized the importance of the initiative. He stated that the fund is aligned with the mission of the federal policy New Industry Brazil. This policy aims to boost bioeconomy, decarbonization, and energy transition and security.
According to Petrobras, the selected fund manager will have independence. They will be responsible for investment decisions and will have the authority to act on behalf of the fund. The expectation is that the selection process will be concluded in October. The fund’s operations are expected to begin in the first half of 2026. The total duration of the FIP will be up to 12 years. Corporate Venture Capital (CVC) is a model where companies, typically large, invest in emerging solutions. These solutions should have growth potential and operate in strategic activities for the investor.
Context of the Partnership and Petrobras’ Vision for Innovation
This initiative is one of the actions from the Technical Cooperation Agreement signed in June 2023. The agreement resulted in the formation of the Joint Commission BNDES-Petrobras. The commission focuses on the oil and gas sectors, emphasizing scientific research. It also prioritizes energy transition, decarbonization, productive development, and governance.
Magda Chambriard, president of Petrobras, highlighted the potential of the program. “We believe that through the CVC program, it will be possible to foster innovative ideas and business models, bringing Petrobras closer to the innovation ecosystem and reinforcing our leadership in a just energy transition,” she stated. She also emphasized that “having experienced partners in this endeavor, like BNDES and Finep, brings more solidity to this action.”
The announced FIP will integrate Petrobras Innovation Ventures. This is a new module of the Conexões para Inovação program, managed by the Research and Development Center of Petrobras (Cenpes). The new module will incorporate all of Petrobras‘ activities in CVC. This includes investments in the Catalyst Fund I, managed by Climate Investment (CI), the venture capital branch of the Oil and Gas Climate Initiative (OGCI).
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