France-headed oil, gas, and energy major Total S.A has announced that it will focus its global venture fund on fostering carbon neutrality. The fund will increase its capital to a cumulative US$400 million within five years’ time. The fund will be known as Total Carbon Neutrality Ventures (TCNV).
Total Carbon Neutrality Ventures (TCNV) investments will support start-ups that develop innovative technologies and solutions which help companies to reduce their energy consumption or the carbon intensity of their activities.
The Total Carbon Neutrality Ventures fund will fully support Total’s ambition to become the responsible energy major. It will allow us to expand the reach of our low carbon- businesses beyond our own borders. Over five years, the US$400 million fund will invest in start-ups whose technologies or innovative solutions could contribute to carbon neutrality, said Patrick Pouyanné, Chairman and CEO of Total.
TCNV will invest globally, with teams based in Europe and the United States (US), focusing on areas such as smart energy, energy storage, smart mobility, bioplastics, and recycling.
The fund builds on Total Ventures’ existing portfolio of 35 global start-ups that directly and indirectly contribute to carbon neutrality. That portfolio includes Solidia, Sunfire, Scoop, Shyft Power Solutions, Ionic Materials, MTPV, AutoGrid, Stem and OnTruck.
