France’s Total Energy Ventures (TEV), Hubei High Technology Investment Guiding Fund Management Co, Ltd, and Cathay Capital have signed an agreement to launch the Cathay Smart Energy Fund, an investment fund dedicated to the energy sector in China, the French energy giant said.

France’s Total Energy Ventures (TEV), Hubei High Technology Investment Guiding Fund Management Co, Ltd, and Cathay Capital have signed an agreement to launch the Cathay Smart Energy Fund, an investment fund dedicated to the energy sector in China, the French energy giant said.

Total Chairman and CEO Patrick Pouyanné said his company plans to become a part of China’s innovation ecosystem in the energy sector through this investment.

According to Total, 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) each. Following the first closing, other partners will join the fund with a target final volume of capital of over 1.5 billion yuan (around $250 million), Total said in a press release.

“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,” Pouyanné said. “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,” he added.

https://www.neweurope.eu/article/frances-total-invest-new-energy-sector-china/