AP Ventures Closes USD 300 million Fund III to Back Early-Stage Industrial Technology

LONDON, 28 October 2026 — AP Ventures LLP (“AP Ventures”), an independent venture capital firm investing in early-stage industrial and energy technologies, today announced the final close of AP Ventures Fund III LP (“Fund III”), having raised USD 300 million in commitments from a global base of institutional investors. Since its initial close in 2024, Fund III has backed 13 portfolio companies developing technologies that make industrial and energy systems more resilient, efficient and sustainable.

This fundraise comes as demand accelerates for high-performing infrastructure across energy and industry. Rising power demand, tightening supply chains for critical minerals and materials, and the growing role of AI, data and automation in industrial operations are reshaping how industrial and energy systems are built and run, creating a widening opportunity for technologies that boost productivity and strengthen supply security.

“This final close reflects the confidence our existing and new investors place in AP Ventures’ ability to identify and support exceptional technology companies,” said Andrew Hinkly, Founder and Managing Partner at AP Ventures. “Strong support from returning investors, alongside new institutional partners, allows us to keep backing the technologies industry needs to operate more productively and securely, from the materials it depends on to the processes and data that run it.”

Fund III Portfolio: Technologies for Industrial Resilience and Efficiency

Fund III invests in early-stage technology companies and works alongside founders through commercialisation, industrial deployment and scale-up.  Its strategic focus spans low-carbon molecules, including hydrogen, across production, storage, transport and end use; carbon capture and utilisation; and circularity and advanced recycling, with applications in energy-intensive, hard-to-abate sectors such as chemicals, steel, aviation and heavy mobility. Its present portfolio of 13 companies spans a range of technical approaches to strengthening the resilience and efficiency of industrial and energy systems, including:

• Teragen Energy, which develops metal-supported solid oxide fuel cells that can provide clean, on-site power for data centres and other critical infrastructure;
• Aether Fuels, which converts industrial waste gases, biogas and waste biomass into drop-in liquid fuels, giving aviation and shipping a new, locally sourced fuel supply;
• CREW Carbon, whose mineral-based process replaces conventional wastewater treatment chemicals, cutting operating costs and supply-chain exposure for water utilities while generating high-quality carbon removal credits;
• Rosy Soil, which sells patented, peat-free potting soils from biochar, replacing a finite, increasingly restricted raw material while improving plant health and sequestering carbon;
• Reclinker, which harnesses the Electric Arc Furnace process used in steel production and recycling to convert used cement into on-specification Ordinary Portland Cement;
• Lydian Labs, which uses modular, load-following reactors to convert electricity, water and carbon dioxide into synthetic fuels, enabling flexible, distributed fuel production that tracks variable power supply; and
• Rubi Laboratories, which converts carbon dioxide into high-purity cellulose for textile fibres such as viscose and lyocell, giving brands a feedstock independent of forestry and agricultural supply chains.

“We focus on backing technically differentiated companies that solve real operational problems across the industries and value chains in which we invest,” said Kevin Eggers, Founder and Partner at AP Ventures. “Whether improving energy efficiency, resource productivity, safety, environmental performance or supply-chain resilience, this combination of technical rigour and commercial pull is what continues to define AP Ventures’ approach.”

Fund III is backed by a diverse group of existing and new institutional investors, including sovereign wealth funds, corporates, pension funds, and family offices, reflecting the depth of global interest in AP Ventures’ technology-focused approach to venture investing. AP Ventures works closely with its Limited Partners, providing access to deal flow, knowledge sharing and a broad ecosystem of organisations focused on industrial innovation.

About AP Ventures

AP Ventures LLP is an independent venture capital firm headquartered in London, with offices in Johannesburg and San Francisco, investing globally in early-stage technologies reshaping the industrial economy, including advanced materials, industrial processes, and energy systems. Since 2013, the AP Ventures team has invested in companies across the most complex industrial, materials, and energy segments, bringing experience and expertise from chemistry, materials science, engineering, and finance. AP Ventures initially invests at Seed and Series A stages and works closely with founders to help them navigate technical and commercial milestones and connect them with a global network of financial and industrial partners. The firm connects its Limited Partners and portfolio to a specialised network including the collective expertise of its team, investors, and its broader industrial community.

For more information, visit www.apventures.com. For media enquiries, please contact info@apventures.com