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
The investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.
Murray Auchincloss, bp’s CEO, said in a statement: “As I set out in February, BP’s destination from IOC [international oil company] to IEC [integrated energy company] is unchanged – and we need to deliver as a simpler, more focused, and higher-value company.
Founded in 1972, Tecnofilm has expanded its product portfolio over the years to offer a wider range of compounds and functional polymers for various industrial applications and technical articles. The company has patented several of its products.
