Alex Beard is changing his sector of choice.
According to Reuters, the man who made his fortune in oil is looking to build battery sites in the UK.
In an interview, he states that the storage capacity would be at least 500 MW.
Alex Beard invests in energy storage
The businessman began his career in 1990 with BP.
In 1995, he joined Glencore, where he became head of the oil division in 2007.
At the height of his career, the “King of Oil” accounted for almost 7% of the world’s hydrocarbon trade.
Today, the billionaire is going green.
Having left Glencore in 2019, the businessman now wants to embark on a second career focused on decarbonized energies.
With his investment fund Aptogen Capital, he intends to respond to the UK’s energy crisis.
The storage solution
According to the businessman, storage batteries can respond to the volatility of renewable energies by conserving surplus energy.
This surplus would then be redistributed according to demand, using algorithmic software.
To support his project, Alex Beard is counting on his sponsorship from Energy Transition Partners.
This company has a capital of 175 million euros to invest in renewable energies, including battery storage.
The former king of oil is thus resolutely focused on the energy transition.
