Total will increase the capital of its global venture capital fund by $400 million within the next five years.
The fund will be known as Total Carbon Neutrality Ventures and will fund start-ups developing innovative technologies and solutions which help companies reduce energy consumption and in many cases the carbon intensity of their activities.
The venture arm will be based in Europe and the US but will invest in global startups in areas including smart energy, energy storage, smart mobility, bioplastics and recycling.
Patrick Pouyanné, CEO of Total, said: “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
The fund builds on Total Ventures’ existing portfolio of 35 global start-ups that directly and indirectly contribute to carbon neutrality.
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