Sector News

Evonik’s venture capital arm invests in two sustainability funds

June 11, 2022
Chemical Value Chain

Evonik Industries says its venture capital arm, Evonik Venture Capital, has invested in Azolla Ventures’ (Cambridge, Massachusetts) sustainability fund, Azolla Ventures I, and in Chrysalix Venture Capital’s (Vancouver, British Columbia, Canada) Carbon Neutrality Fund. Both venture capital companies are looking into carbon dioxide (CO2) reduction technologies, with Azolla focusing in North America and Chrysalix globally, Evonik says. Financial details of the investment have not been disclosed, but Evonik says this is its venture capital arm’s first investment using the new €150 million ($159 million) sustainability tech fund.

“Fund investments are a key part of our investment strategy,” says Bernhard Mohr, head/Evonik venture capital. “By working with Azolla Ventures and Chrysalix, we gain an early insight into pioneering technologies for CO2 reduction worldwide. This also helps us to achieve our own sustainability goals.”

The company’s new sustainability tech fund focuses on investments in six technology fields: circular economy, alternative raw materials, future mobility, hydrogen economy, renewable carbon, and clean energy, the company says. With the sustainability tech fund, the total fund volume of Evonik Venture Capital increases to €400 million and the company’s sustainability ambitions are strengthened, the company adds.

Evonik has set a goal of reducing Scope 1 and Scope 2 emissions from the current 6.5 million metric tons (MMt) to 4.9 MMt by 2030. Evonik also plans to increase the proportion of sales of products with superior sustainability benefits, “so-called next generation solutions,” from 37% to over 50% over the same period, it says.

by Sotirios Frantzanas


comments closed

Related News

March 19, 2023

EU clears Agrofert’s acquisition of Borealis nitrogen business

Chemical Value Chain

The European Union said Monday that it has approved Agrofert Group’s acquisition of Borealis AG’s nitrogen business after concluding that the deal wouldn’t raise competition concerns. Agrofert is a Czech conglomerate, while Austrian chemical and fertilizer company Borealis is 75%-owned by OMV AG with the remaining 25% held by Abu Dhabi National Oil Co.

March 19, 2023

LyondellBasell acquires European plastics recycler Mepol

Chemical Value Chain

LyondellBasell Industries N.V. and Mepol Group announced they have entered into a definitive agreement for LyondellBasell to acquire Mepol Group, a manufacturer of recycled, high-performing technical compounds located in Italy and Poland.

March 19, 2023

Univar Solutions to be acquired by Apollo Funds for $8.1 Billion

Chemical Value Chain

Univar Solutions Inc and Apollo announced that funds managed by affiliates of Apollo have entered into a definitive merger agreement to acquire the Company in an all-cash transaction that values the Company at an enterprise value of approximately $8.1 billion.

How can we help you?

We're easy to reach