By Joe Hoppe

BP PLC said Thursday that it has acquired U.S.-based technology company Blueprint Power, which helps turn commercial buildings into flexible power assets that can generate, store and trade renewable energy.

The British energy company said the technology provided by Blueprint can help decarbonize dense urban areas, and help building owners generate new revenue streams and reduce carbon emissions.

Financial details of the deal weren't disclosed.

Blueprint currently works with five New York commercial real-estate owners that collectively own more than 100 million square feet of property in the city, BP said.

BP said that while Blueprint's existing work can generate 13 megawatts of renewable energy, it aims to increase this to 36 megawatts by the end of 2022.

The company said its growth plan for Blueprint will see it launch in several U.S. urban power markets, and it will explore how Blueprint can work with regions, cities, trading and shipping business to lower the cost of carbon-intensive industries.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

October 07, 2021 06:24 ET (10:24 GMT)

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