Paris, 28 March - Neftegaz.RU. Total Energy Ventures, Cathay Capital and Hubei High Technology Investment Guiding Fund are launching an up to $250 million fund targeting the Chinese energy sector.
Total Energy Ventures is Total’s venture capital arm for investing in energy start-ups. 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 said the fund will allow the company to «explore new opportunities in China and identify new business models and technologies». 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.
Total Chairman and CEO Patrick Pouyanné 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».