Evonik invests in two sustainability funds, Azolla Ventures and Chrysalix
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● Invest in new emission reduction technologies
● First round of Evonik’s new EUR 150 million sustainable technology fund
● Support the company’s sustainable development strategy
Evonik announces funding of Azolla Ventures Fund 1 and Chrysalix Venture through its venture capital arm
Capital Carbon Neutral Fund. Both sustainability funds focus on CO2-reducing technologies: Azolla is focused on North America and Chrysalix is on the global market. This is the first time Evonik’s venture capital arm has invested in a new sustainable technology fund with a total investment of 150 million euros. All parties have agreed not to disclose the specific investment amount.
Bernhard Mohr, Head of Evonik Venture Capital, said: “Fund investments are an important part of Evonik Venture Capital’s strategy.
Ventures and Chrysalix cooperate, we can gain early insight into the world’s leading CO2 reduction technologies, and also help Evonik to achieve sustainable development goals. ”
Azolla
The Ventures fund primarily invests in start-up technology companies with billion-ton climate impact potential. Currently, the fund focuses on North American start-ups whose innovative technologies are expected to make a significant contribution to reducing emissions.
For two decades, Chrysalix Ventures has been actively involved in sustainable innovation with an investment focus on revolutionary industrial technologies. With offices in the Netherlands, UK, Canada and Asia, Chrysalix invests in critical decarbonisation technologies worldwide.
Evonik plans to reduce its footprint by significantly reducing direct and indirect greenhouse gas emissions from production and processing. The goal is to reduce Scope 1 (direct corporate greenhouse gas emissions) and Scope 2 (indirect greenhouse gas emissions from corporate energy consumption) emissions from the current 6.5 million tons to 4.9 million tons by 2030. At the same time, Evonik is developing “next-generation solutions” with significant sustainable advantages, significantly increasing its sales share from the current 37% to more than 50% by 2030.
To this end, Evonik has established a new Sustainable Technology Fund to support this vision. The fund focuses on investing in six technology sectors: circular economy, alternative feedstocks, future mobility, hydrogen economy, renewable carbon and clean energy. Through the establishment of the new Sustainable Technologies Fund, the total funding of Evonik’s venture capital division will be increased to 400 million euros.