AP Ventures invests in advanced technology companies which tackle global environmental and sustainability challenges;
• AP Ventures has an existing portfolio of investments with a focus on the hydrogen value chain and fuel-cell electric mobility;
• Sumitomo Corporation joins Anglo American Platinum, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium and the Public Investment Corporation as an investor in AP Ventures.
London, United Kingdom, 27 October 2020: AP Ventures today announces that Sumitomo Corporation has become a Limited Partner in AP Ventures Fund II.
AP Ventures investment strategy is focused on companies developing technologies which are capable of sustainably solving global challenges such as renewable energy integration and resource scarcity. A key area of focus is the decarbonisation of transport and heavy industry. Through fuel cells, green hydrogen enables zero emission mobility while the use of hydrogen for heat can enable the decarbonisation of industries such as steel and cement manufacturing currently reliant on hydrocarbon fuels.
In welcoming Sumitomo Corporation as its sixth Limited Partner, AP Ventures and its portfolio companies look forward to benefitting from working with a global partner which has a strong focus on developing the hydrogen economy.
Commenting on the investment by Sumitomo Corporation, Andrew Hinkly, Managing Partner, AP Ventures said:
“We are delighted to welcome Sumitomo Corporation as an investor in Fund II. The development of the hydrogen economy is gaining momentum and we are excited to have the opportunity to work in partnership with a team that has a strong focus on this area. Our strategic investors’ expertise together with our experience and industry network allows AP Ventures to provide its portfolio companies with a unique combination of investment and development opportunities.”
Commenting on today’s announcement Hajime Mori, Executive Officer, General Manager of Energy Division for Sumitomo Corporation said:
“As a member of the Hydrogen Council, Sumitomo Corporation has given a priority to contributing to build a sustainable hydrogen ecosystem. On 1 October 2020, with the establishment of Hydrogen Business Department, we are entering into a new phase to accelerate hydrogen related business activities. AP Ventures has proven its ability to identify hydrogen technology start-ups and create value while facilitating collaborations between strategic corporate partners and its portfolio companies. We are excited about the opportunity to work with AP Ventures and its portfolio companies which bring innovation to our hydrogen business in the critical decades to come for climate change."
About AP Ventures:
AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population. The existing portfolio is focused on the hydrogen value chain and includes investments in Altergy Systems, ERGOSUP, Greyrock Energy, HyET, Hydrogenious Technologies, Plug Power and ZEG Power. All these companies either utilise or enable the use of Platinum Group Metals (PGMs).
AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium, the Public Investment Corporation and Sumitomo Corporation.
More info: www.apventures.com
About Sumitomo Corporation
Sumitomo Corporation is a leading Fortune 500 global trading and business investment company with 132 locations (Japan: 22, Overseas: 110) in 66 countries and regions. The entire Sumitomo Corporation Group consists of more than 900 companies. Sumitomo Corporation conducts commodity transactions in all industries utilizing worldwide networks, provides customers with financing, serves as an organizer and a coordinator for various projects, and invests in companies to promote greater growth potential. SC’s core business areas include Metal Products, Transportation and Construction Systems, Infrastructure, Media and Digital, Living Related and Real Estate, Mineral Resources, Energy, and Chemical and Electronics.