Read about Nacho Gimenez BP refineries career and find out how it now heads its venture capital division.

Nacho Gimenez, director, and partner of BP’s venture capital arm never thought he would become a venture capitalist.

Gimenez, who has been moving up and occupying various positions related to trade and transport at BP, started at the company in 2001 as a chemical engineer, and admits that he "didn't really know" what venture capital was when the opportunity arose to switch to BP Ventures.

"I didn't know anything about positions on the board of directors or positions. I did not know anything about how to bring the best leadership or best practices to companies. I had to learn all that. It was exciting," he says.

Gimenez got up to speed in the sector exceedingly early on; now, 5 years later, he leads a global team of fourteen people at BP Ventures.

Nacho Gimenez BP refineries career

Corporate venture capital differs from the traditional one in that it does not tend to focus solely on obtaining large profits but seeks to make strategic investments to achieve specific objectives. BP has stated that its goal is to achieve net zero carbon emissions by 2050.

Gimenez explains that BP Ventures "is more important than ever" to help the oil company meet its zero emissions ambitions. He spends his days looking for new renewable technologies and business models, studying what is available and how BP can help its customers reach net zero emissions.

"For me, it's about knowing where I can have the most impact," he tells the source, referring to BP's investment of resources.

BP Ventures invests between 5 and 10 million euros in rounds from series A to D, but its strong point is series B.

Gimenez comments that he is dedicated to looking for climate technology start-ups that have traction, scalability and a good team that listens to customer opinion. "A bad team with great technology has no future," he says.

Nacho Gimenez BP refineries career revealed

Among its most recent investments are BTR Energy, a software company that claims to be helping the U.S. transportation sector move away from relying on coal; BluSmart, an electric vehicle transportation company; and Flylogix, which uses drones to detect methane.

Gimenez explains that what he is most excited about are the tools that can help scale up natural climate solutions, carbon markets and e-mobility, as well as those that help BP customers move away from relying on coal.

Gimenez started working at one of BP's oil refineries in Spain after dropping out of his PhD. His job was to ensure safety at the factory where the fuels were produced.

Then he moved to the London trading plant, where he coordinated the purchase of crude oil. There he spent 2 years running mathematical models to study market conditions, what kind of crude to buy, what products would come out of that crude and how those products would be sold.

In addition to that, he had to agree with the supply department, which determined if a winter were going to be very cold or if in any holiday period more products would be needed.

Nacho Gimenez BP refineries career statement

Moving up internally, he spent the next 10 years analysing long-term market trends to ensure BP had a sustainable business model. During that analysis he noticed a shift in the market towards environmental sustainability.

"At the beginning of 2007, the market was extremely focused on heavy crude oil. Little by little, things started to change towards lighter products and gas that created fewer emissions," he says.

He also says that he was being asked increasingly about renewable energies and solar energies, and that those questions have coincided with the fact of being a father. "I started to think that I wanted to give a deeper meaning to what I was doing," says Gimenez.

He claims that his interest in innovation was stimulated by a New Yorker cartoon that said: "Yes, the planet was destroyed. But during a beautiful moment we created value for shareholders."

Gimenez adds that, although his transition to venture capital was in some ways the result of being in the right place at the right time, he has always been a curious person and open to new opportunities.

His advice to anyone looking to get into venture capital is to "be flexible."

"Create a range of options that could be opportunities and explore why you think about them. Do they fit with your values? There is nothing worse than being in a role where your values do not fit - it makes the job exceedingly difficult. Be brave, have courage, and do not be afraid of the unknown," he advises.

The end of Nacho Gimenez BP refineries career article!