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

Source: chemweek.com

comments closed

Related News

July 3, 2022

Neste acquires European rights to Alterra’s chemical recycling tech for difficult plastics

Chemical Value Chain

Neste has bought the European rights for Alterra Energy’s liquefaction technology, strengthening its chemical recycling capabilities. Alterra is a US-based company that has developed a thermochemical solution for liquefying difficult-to-recycle plastics.

July 3, 2022

Maria Soler Nunez appointed as Head, Group Operations at Lonza

Chemical Value Chain

Lonza appoints Maria Soler Nunez as Head, Group Operations. Maria joins Lonza from Novartis where she has led the quality organization since 2020. Maria will commence her tenure with Lonza Group on 1 August 2022, succeeding Stefan Stoffel, who is retiring from Lonza.

July 3, 2022

AkzoNobel announces Gregoire Poux-Guillaume as new Chief Executive Officer as of November 1, 2022

Chemical Value Chain

AkzoNobel has announced that Gregoire Poux-Guillaume will become the company’s new Chief Executive Officer (CEO) as of November 1, 2022. He will succeed Thierry Vanlancker, who has been CEO and member of the Board of Management since 2017, and whose term of office is coming to an end.