Solar Innovation at Big Oil?

“If you invest with the same technology as everyone else, you may get the same returns as everyone else”. This adage matters for renewables, where we gather single digit IRRs have become customary in solar tenders. Hence, we reviewed 37 distinct solar patents filed across the Oil Majors in 2018. Three ‘leaders’ stood out, each pursuing a different technology strategy in solar. The data-file includes brief summaries of the patents, who each Major partnered with, and our own assessment of each patent’s materiality.