Ecopetrol taps the power of global innovation during time of crisis
June 10, 2020 at 11:00 AM EDT
SUNNYVALE, Calif., June 10, 2020 /PRNewswire/ -- Plug and Play and Ecopetrol S.A. (BVC: ECOPETROL, NYSE: EC) signed a partnership to help address future challenges within the energy industry, focusing on sustainability, profitable growth, and digitization of its value chain.
Plug and Play is a global innovation platform. It connects startups to corporations and invests in over 250 companies every year. Since its inception in 2016, their programs have expanded worldwide to over 30 locations globally, giving startups the necessary resources to succeed in Silicon Valley and beyond.
Today the Colombian company announced its partnership with Plug and Play to continue fostering its history of innovation as the energy industry transitions to a more decarbonized and digitized business over the next decades.
"We believe in open innovation and its power for strengthening our digital ecosystem. For this reason, we seek alliances with companies and organizations in Colombia and all over the world. Today we have challenges that require clever ideas and innovative solutions. This alliance with Plug and Play represents the possibility of expanding our options to reach the best developments," said Felipe Bayón, Ecopetrol's President.
"We are incredibly thrilled to be able to partner with Ecopetrol in their digital transformation journey. Latin America is a great place for growing and developing disruptive technologies. This partnership is creating effective channels for startups around the world to collaborate with Ecopetrol and have access to industry expertise in the region," said Wade Bitaraf, Founder of the Energy platform at Plug and Play.
This commitment to open innovation is part of Ecopetrol's innovation and technology strategy, which seeks to create value by strengthening its digital ecosystem through alliances with entrepreneurship centers in Colombia and the around world.
Through this partnership, Ecopetrol will have the opportunity to work one-on-one with hand-selected startups to discover and implement new technologies for their business.
This press release includes statements on business prospects, estimates for operating and financial results and statements related to Ecopetrol's growth prospects. All of them are projections and, as such, are based solely on its Director's expectations on the future of the Company and their continued access to capital in order to finance the Company's business plan. The future realization of these estimates depends on market behavior, regulations, competition, and performance conditions of the Colombian economy and industry, among other factors; and as such, they are subject to change without notice.
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SOURCE Plug and Play