Towngas, IDG Capital collect $5.55b for Zero-carbon fund
Local governments, institutions, and companies can use the fund to devise sustainability solutions.
The Hong Kong and China Gas Company Limiter (Towngas) and IDG Capital has raised RMB5b ($5.55b) for their Zero-carbon Technology Investment Fund on sustainable technology investment and scene empowerment.
Towngas and IDG Capital will use the fund to come up with innovative solutions to solve the pain points in key carbon emission scenarios. The fund will focus on investing in zero-carbon technology-related innovation areas such as solar energy, power batteries, energy storage, smart grid, battery charging and swapping, hydrogen energy, carbon capture, as well as carbon trading and management.
It will be based in Changzhou, where it is expected to form a "good synergy mechanism" with the city’s industrial development, obtaining support from the local government for its investee companies.
It will also be working with Towngas to promote the development of Changzhou’s new energy industry and zero-carbon progress.
The fund will also be used to support startups working in the zero-carbon technology sector access to Towngas and Towngas Smart Energy's extensive application scenarios, to help them deploy their products and technologies.
It would also invest in other sustainable enterprises to develop products, validate and commercialise prototypes, and explore new opportunities to integrate technology and new energy.