BP buys power startup in latest diversification

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BP said Thursday that it acquired New York City-based Blueprint Power, a startup that helps transform buildings into “flexible power assets” that reduce the carbon footprint of commercial real estate.

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why it matters: Large buildings are a major source of energy demand that are ripe for the application of clean technology.

  • The deal for the three-year-old startup, whose terms were not disclosed, is the latest step in BP’s diversification into the low-carbon space, even as oil and gas are still its major business lines.

how it works: Blueprint offers data services and algorithms that aim to increase commercial incentives to achieve greenery through renewables, efficiency and storage by creating new revenue streams for building owners.

  • The company said its products help “maximize onsite renewable generation, store energy when the grid’s carbon intensity is at its lowest, and store energy when it is not used or traded.”
  • Blueprint, according to the announcement, already works with five of New York City’s largest real estate owners to generate 13 megawatts of renewable energy.
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What will happen next: BP and Blueprint expect to nearly triple this amount by the end of next year. The company is being brought under Launchpad, which is BP’s internal tech company Accelerator.

The idea is to expand the blueprint to “several major US urban electricity markets”.

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