French energy major Total has joined forces with two other parties to launch an investment fund dedicated to the energy sector in China.
The fund is made up of Total’s venture capital arm, the Hubei Provincial Government’s investment platform, and private equity fund Cathay Capital.
The Cathay Smart Energy Fund will focus on emerging technologies in China’s energy sector, notably renewable energy, energy internet, energy storage, distributed energy, smart energy and low carbon activities.
It will allow Total to explore new opportunities in China and identify new business models and technologies.
Total Energy Ventures and Hubei High Tech will invest around $50 million each.
Other partners will join the fund with a target final volume of capital of around $250 million.
Total chief executive Patrick Pouyanne said: “China is at the forefront of 21st century energy technologies. Through this investment, we are delighted to become a part of the innovation ecosystem of the Chinese energy sector, benefiting from the knowledge of the Chinese market that Cathay Capital brings to us. We believe that it represents a significant growth and innovation potential in areas of new energies and sustainable development and resonates with Total’s ambition to become the responsible energy major.”
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