Total introduced that it’ll focus its world enterprise fund on fostering carbon neutrality. The fund will enhance its capital to a cumulative $400 million inside 5 years’ time. Its investments will help start-ups that develop modern applied sciences and options which assist firms to scale back their vitality consumption or the carbon depth of their actions. The fund will likely be referred to as Total Carbon Neutrality Ventures (TCNV).
“The Total Carbon Neutrality Ventures fund will absolutely help Total's ambition to turn out to be the accountable vitality main. It will permit us to develop the attain of our low carbon- companies past our personal borders,” stated Patrick Pouyanné, Chairman and CEO of Total.Over 5 years, the $400 million fund will put money into start-ups whose applied sciences or modern options might contribute to carbon neutrality”.
TCNV will make investments globally, with groups based mostly in Europe and the U.S., specializing in the areas equivalent to good vitality, vitality storage, good mobility, bioplastics and recycling. The fund builds on Total Ventures’ current portfolio of 35 world start-ups that straight and not directly contribute to carbon neutrality. That portfolio consists of Solidia, Sunfire, Scoop, Shyft Power Solutions, Ionic Materials, MTPV, AutoGrid, Stem and OnTruck.
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