Sinopec Corp Launches $690 Million Venture Capital Fund for Hydrogen Energy in China
Key Ideas
- Sinopec Corp, China's state oil and gas major, has established a 5 billion yuan venture capital fund dedicated to hydrogen energy.
- The fund aims to invest in early-stage projects related to hydrogen technology, materials, equipment, and proprietary technologies with high growth potential.
- External partners for this fund include Shandong New Growth Drivers Fund Management Co and Yantai Guofeng Investment Holding Group Co.
- In addition to the fund, Sinopec has acquired equity stakes in 13 companies involved in the hydrogen energy industry and has developed multiple hydrogen supply centers and refueling stations across China.
China's Sinopec Corp has announced the launch of a venture capital fund worth 5 billion yuan ($690 million) focused on hydrogen energy. This fund, the largest of its kind in China, will target early-stage investments and the incubation of key materials, core equipment, and proprietary technologies in the hydrogen value chain. Managed by Sinopec Private Equity Fund Management Co, a subsidiary of Sinopec Capital Co, the fund has partnered with Shandong New Growth Drivers Fund Management Co and Yantai Guofeng Investment Holding Group Co. Sinopec has also made strategic investments by acquiring stakes in 13 companies within the hydrogen energy industry and developing 11 hydrogen supply centers and 144 refueling stations for fuel cells across China. The company's initiatives demonstrate a positive outlook on hydrogen energy and its potential for growth and sustainability in China's energy landscape.