Evonik will use the new €150 million Sustainability Tech Fund to invest in technologies to reduce emissions.
Evonik
Venture Capital has recently announced that it will invest in two sustainability funds: Azolla Ventures I and the Chrysalix Venture Capital’s Carbon Neutrality Fund. Both companies are focused on CO2
reduction technologies.
Azolla Ventures is a venture capital firm that invests in companies whose innovations have the potential to make a significant contribution to reducing emissions. Chrysalix has been active in sustainable innovations for over twenty years and is specialised in transformative industrial technologies and decarbonisation.
“Fund investments are a key part of our investment strategy. 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,” has stated Bernhard Mohr, the head of Evonik Venture Capital.
It is the first investment of the venture capital branch of the Specialty Chemicals company Evonik, that will use its new €150 million Sustainability Tech Fund dedicated to investments in six technology fields: circular economy, alternative raw materials, future mobility, hydrogen economy, renewable carbon and clean energy.
Evonik aims to reduce both Scope 1 and Scope 2 emissions from the current 6.5 million tonnes to 4.9 million tonnes by 2030, as well as to further develop products with superior sustainability benefits – the Next Generation Solutions – from the current 37% of sales to over 50%.