Anglo-Dutch supermajor Shell has set up a dedicated $1.4 billion fund to invest in “innovative companies” that are working towards accelerating the energy transition.

Shell Ventures managing director Geert van de Wouw confirmed Thursday the company had set up the $1.4 billion fund, which will be invested over the next six years to support “start-ups and scale-ups”.

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“In line with Shell’s efforts to accelerate progress against our net-zero target, our investments will be laser-focused on renewable energy, storage and utilisation, mobility, transportation and logistics, circular economy, and nature-based solutions,” van de Wouw said in a LinkedIn post on Wednesday.

“As a company, we have invested and supported the start-up ecosystem for decades. Our unique approach to venturing, with a focus on technology deployment, has enabled many of our portfolio companies to develop strategic relationships with Shell businesses. A win-win in my book, as Shell gets accelerated access to innovative technologies and business models, while our portfolio companies are able to achieve scale.”

In a separate LinkedIn post, Shell chief executive Ben van Beurden stated the transition would be “ the single largest technological revolution of this time”.

“Technology will continue to transform our lives and the energy industry, improving safety and efficiency and helping us to accelerate the transition to net zero,” he added.

Shell established its Shell Ventures business in 1996, initially to fund companies in the oil and gas industry, but it is now expanding its scope to the energy transition as it looks to accelerate progress against its own net zero emissions target of 2050.

The Shell Ventures business arm claims to make minority investments to help develop new technologies and disruptive business models that work to accelerate the energy and mobility transformation.

It makes typical initial investments of $2 million to $5 million, with a total of $15 million to $22 million over the lifecycle of an investment.