Total dedicates its $400mn global venture fund to carbon neutrality

Total dedicates its $400mn global venture fund to carbon neutrality
Published: 25 October 2019 - 4 a.m.
By: Martin Menachery
Total announced that it will focus its global venture fund on fostering carbon neutrality. The fund will increase its capital to a cumulative $400mn within five years’ time. Its 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 be known as Total Carbon Neutrality Ventures (TCNV).

“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,” said Patrick Pouyanné, chairman and CEO of Total. “Over five years, the $400mn fund will invest in start-ups whose technologies, or innovative solutions could contribute to carbon neutrality.

TCNV will 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 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.

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