IDG Capital and Hong Kong’s Towngas Set Up $1.6 Billion Zero-Carbon Tech Fund
The Hong Kong and China Gas Group (Towngas) and IDG Capital jointly announced the establishment of a zero-carbon technology investment fund on Monday, with a total scale of 10 billion yuan ($1.6 billion) and an initial fundraising scale of 5 billion yuan.
The initial 5 billion yuan will be invested in zero-carbon technology-related innovation fields, such as solar energy, wind energy, power battery, energy storage, smart grid, hydrogen energy, carbon trading and management.
This zero-carbon fund will promote outstanding enterprises to realize the rapid iteration of energy innovation technologies and products to promote energy conservation and emissions reduction.
The fund will not only provide capital support for innovative enterprises in the field of zero-carbon science and technology, but will also open up the application scenarios of Towngas, and its subsidiary Towngas Smart Energy Company Limited.
Founded in 1862, Towngas is one of the largest energy suppliers in Hong Kong. Its subsidiary Towngas Smart Energy Company Limited provides urban gas and renewable energy.
As a venture capital institution involved in the energy industry, IDG Capital supports SVOLT, Welion New Energy, Xpeng Motors, NIO, EnerVenue, JD Energy, Niu Technologies and more.
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In addition, the two sides announced they will pursue collaboration in the field of zero-carbon technology to jointly explore innovative zero-carbon technology and solutions.
