Global law firm Ashurst has advised bp ventures on its investment in pioneering unmanned aerial vehicle (UAV) business Flylogix.
Flylogix develops and pilots UAVs in order to aid methane detection, which allows their clients to access time critical data from assets in remote locations. Unmanned aviation is safer, more cost effective and has a lower carbon footprint than the alternatives delivered with manned aviation. It also enables new ways of working previously unachievable or not economically viable.
The investment supports bp’s Net Zero ambition and builds on its partnership with FlyLogix, whose services bp uses to monitor methane levels on its offshore locations in the North Sea. The investment will enable FlyLogix to expand its operations to new regions and develop new applications.
bp ventures plays a key role in bp’s move to being an integrated energy company. It invests in a portfolio of high growth technology businesses that will benefit and extend bp’s core businesses, as well as open up opportunities in digital adjacencies. It also invests in businesses that can help bp reduce carbon in its operations and production.
The Ashurst team was led by tech M&A partner Jonathan Cohen with support from senior associate Shaz Ali and associate Calum Thornton. Partner Ruth Buchanan, senior associate Rebecca Servian and associate Claire Bradbury also advised.
“We were delighted to advise the bp ventures team on this exciting investment and as a firm to continue to support bp in its transition towards Net Zero,” Jonathan Cohen commented.
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