27/03/2018 Press release
Total Becomes a Founding Partner of the Cathay Smart Energy Fund to Invest in the New Energy Sector in China
Paris - Total Energy Ventures (‘TEV’), Hubei High Technology Investment Guiding Fund Management Co., Ltd. (‘Hubei High Tech’), and Cathay Capital have signed a Heads of Agreement to launch the Cathay Smart Energy Fund, an investment fund dedicated to energy sector in China.
The fund will focus its investments on emerging technologies and new business models of the Chinese energy sector, notably renewable energy, energy internet, energy storage, distributed energy, smart energy and low carbon activities. It will allow Total to explore new opportunities in China and identify new business models and technologies.
TEV and Hubei High Tech will invest around 300 million RMB in the fund (50 million USD) each. Following the first closing, other partners will join the fund with a target final volume of capital of over 1,5 billion RMB (around 250 million USD).
“China is at the forefront of 21st century energy technologies. Through this investment, we are delighted to become a part of the innovation ecosystem of the Chinese energy sector, benefiting from the knowledge of the Chinese market that Cathay Capital brings to us. We believe that it represents a significant growth and innovation potential in areas of new energies and sustainable development and resonates with Total’s ambition to become the responsible energy major,” said Patrick Pouyanné, Chairman and CEO of Total.