Oil and gas major Total has announced the launch of its $400m ‘Total Carbon Neutrality Ventures’ fund, which will support start-ups developing carbon reduction technology.
The fund will invest globally in ventures developing energy storage, smart mobility, low carbon energy, bioplastics and recycling technologies. Total will increase the fund’s capital to $400m over the next five years.
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“The Total Carbon Neutrality Ventures fund will fully support Total’s ambition to become the responsible energy major,” said Total chief executive Patrick Pouyanné.
“It will allow us to expand the reach of our low carbon businesses beyond our own borders.”
The fund will have teams in Europe and the US.