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06/11/2019 News

Total Carbon Neutrality Ventures Completes Its Investment in Cathay Smart New Energy Fund, to Support Carbon Neutrality Technologies in China

Paris, November 6, 2019 –Total Carbon Neutrality Ventures (“TCNV”) has closed its investment of 50 million USD equivalent of RMB in Hubei Cathay Smart New Energy Fund (the ‘Energy Fund’)*, an RMB venture capital fund targeting investments in Chinese start-ups with high potential to transform and decarbonize the energy sector.

Our investment in Cathay Smart New Energy Fund is in line with Total’s strategy to support innovative carbon neutral energy solutions ”, stated Girish Nadkarni, CEO of Total Carbon Neutrality Ventures. “China has grown into the world's leading clean and sustainable energy player and has become an obvious strategic focus for Total Carbon Neutrality Ventures.

TCNV has been screening and investing in smart energy, energy storage and smart mobility sectors in China since 2017. Its recent investments include a series of prominent Chinese start-ups and funds:

  • Mobility fund “Eve One” investing in smart mobility sector (managed by NIO Capital).
  • G7, China’s leading Artificial Intelligence (AI) powered Internet of Things (IoT) fleet management start up, with over 1 million connected commercial vehicles on its platform.
  • Octillion Sino EV, China’s largest independent Electric Vehicle (EV) battery package provider.

About Total Carbon Neutrality Ventures

TCNV is Total’s venture capital arm for investing in start-ups. A recognized corporate venture capital investor, it focuses its investment activities on start-ups that develop innovative technologies and solutions which help companies to reduce their energy consumption or the carbon intensity of their activities. TCNV holds a portfolio over 35 global start-ups, including Solidia, Sunfire, Scoop, Shyft Power Solutions, Ionic Materials, MTPV, AutoGrid, Stem and OnTruck.


* The Energy Fund will be managed by the Hubei Cathay Equity Investment Management Company (‘Cathay Capital’). Current limited partners of the first closing include Hubei Provincial High Technology Industry Investment Company, Wuhan Economy Development Industry Fund Company and CMA CGM China Shipping Company.