French oil and gas company Total announced that it will focus its global venture fund on fostering carbon neutrality. The fund, to be known as Total Carbon Neutrality Ventures (TCNV), will increase its capital to a cumulative $400 million within five years’ time.
According to the company, the investments will support start-ups that develop innovative technologies and solutions, which help companies to reduce their energy consumption or the carbon intensity of their activities.
The fund will namely invest globally, with teams based in Europe and the US, focusing on the areas such as smart energy, energy storage, smart mobility, bioplastics and recycling.
The Total Carbon Neutrality Ventures fund will fully support Total’s ambition to become the responsible energy major. It will allow us to expand the reach of our low carbon- businesses beyond our own borders. Over five years, the $400 million fund will invest in start-ups whose technologies or innovative solutions could contribute to carbon neutrality,
…said Patrick Pouyanné, Chairman and CEO of Total.
The fund builds on Total Ventures’ existing portfolio of 35 global start-ups that directly and indirectly contribute to carbon neutrality.
That portfolio includes Solidia, Sunfire, Scoop, Shyft Power Solutions, Ionic Materials, MTPV, AutoGrid, Stem and OnTruck.
In July, the newly elected European Commission President, Ursula von der Leyen, proposed a carbon-neutral Europe by 2050, changing what has been known until today and what the shipping sector has been aiming to.
