BP slashes renewables investment, seeks new Lightsource BP partner
BP is slashing its investment in energy transition activities and seeking a new partner for Lightsource BP, the renewables developer fully owned by the oil and gas giant.
The change in strategy comes just months after the multinational completed a full takeover of the Lightsource BP business. BP acquired 50.03% of Lightsource BP in a deal completed in October 2024, for a reported GBP 400 million ($505 million).
Founded in 2010 as Lightsource Renewables Energy, Lightsource BP builds, operates and partners on solar projects in Europe, the Middle East and Africa, Americas and Asia Pacific regions. BP first invested in the business in 2017 when it acquired a 42% stake in the company.
BP now aims to divest $20bn from its business by 2027, including potential proceeds from selling a stake in Lightsource BP and a strategic review of lubricant business Castrol.
In a press release outlining plans to “fundamentally reset” BP’s business strategy, BP chief executive Murray Auchincloss said the company will be “very selective in our investment in the transition, including through innovative capital-light platforms.”
Plans include cutting investment in energy transition activities by more than $5 billion per year. The remaining $1.5-2bn per year earmarked for energy transition investment will focus on biogas, biofuels and EV charging, “capital-light” partnerships in renewables, hydrogen and carbon capture and storage. BP expects capital expenditure on low-carbon energy to be less than $800 million per year. Reallocation plans for capital expenditure include increasing investment in oil and gas to around $10bn per year.
Customized/OEM/ODM Service
HomSolar Supports Lifepo4 battery pack customization/OEM/ODM service, welcome to contact us and tell us your needs.
HomSolar: Your One-stop LiFePO4 Battery Pack & ESS Solution Manufacturer
Our line of LiFePO4 (LFP) batteries offer a solution to demanding applications that require a lighter weight, longer life, and higher capacity battery. Features include advanced battery management systems (BMS), Bluetooth® communication and active intelligent monitoring.
Customised Lithium Iron Phosphate Battery Casing
ABS plastic housing, aluminium housing, stainless steel housing and iron housing are available, and can also be designed and customised according to your needs.
HomSolar Smart BMS
Intelligent Battery Management System for HomSolar Energy Storage System. Bluetooth, temperature sensor, LCD display, CAN interface, UART interface also available.
Terminals & Plugs Can Be Customized
A wide range of terminals and plugs can be customised to suit the application needs of your battery products.
Well-designed Solutions for Energy Storage Systems
We will design the perfect energy storage system solution according to your needs, so that you can easily solve the specific industry applications of battery products.
About Our Battery Cells
Our energy storage system products use brand new grade A LiFePO4 cells with a battery lifespan of more than 4,000 charge/discharge cycles.
Applications in Different Industries
We supply customized & OEM battery pack, assemble cells with wiring, fuse and plastic cover, all the cell wires connected to PCB plug or built BMS.
Applications: E-bike, Electric Scooter, Golf Carts, RV, Electric Wheelchair, Electric Tools, Robot Cleaner, Robot Sweeper, Solar Energy Storage System, Emergency Light, Solar Power Light, Medical Equipment, UPS Backup Power Supply.
We can provide you with customized services. We have the ability to provide a vertical supply chain, from single cells to pack/module and to a complete power solution with BMS, etc.
HomSolar (Shenzhen) Technology Co., Ltd
