Eni has launched a venture company to help direct investment in the development of energy transition-focused technologies and products.
Eniverse Ventures will be fully-owned by its Italian parent and aims to identify and develop new marketable technologies and product initiatives “promoting a just transition and creating short-term and medium-term value”, Eni said.
The company will be focusing on technologies that can be brought to market in less than three years.
The work process for the projects selected by Eniverse will involve market incubation for own or third-party technologies that have to reach maturity for development, as well as validation of technologies and products through market testing and scaling.
Eniverse is now screening more than 130 proprietary technologies to identify those with potential for further development, according to Eni.
The business model, involving the creation of a standalone corporate entity to pursue energy transition innovation projects, will allow for more focused project financing opportunities, the company believes.
Eniverse chairman Giacomo Silvestri said on this point: “With Eniverse, Eni is among the first companies in the energy sector to build a vehicle to enhance its asset of technologies and talents. Those are the pillars of innovation in which the company has invested and on which it leverages to tackle the energy transition [challenge].”