BP Gives Up on Solar Energy
CEO: "We have thrown in the towel"
According to CEO Bob Dudley, BP—a.k.a. the company with the tagline “Beyond Petroleum”—is getting out of the solar-power business. As Susie Cagle wrote over at Grist, this is the same BP with the re-branded logo that looks more-than-vaguely like a sun and which, again, began referring to its efforts as “Beyond Petroleum.”
“We have thrown in the towel on solar,” Bob Dudley said after delivering a wide-ranging speech Wednesday.
“Not that solar energy isn’t a viable energy source, but we worked at it for 35 years, and we really never made money,” he added.
BP, which announced it was winding down its solar business last year, says it is still committed to other renewable resources, such as wind power and biofuels production.
BP made … wait for it … $11.6 billion in profits last year.