Funding opportunity
The power generation services company Alstom is teaming up with the energy management specialist Schneider Electric to launch a new venture capital fund to finance start-ups in the fields of energy and the environment.
They say this is the first time that two major industrial groups have set up a joint initiative of this nature. The fund, called Aster Capital, is open to the participation of other potential partners.
Aster Capital is based in Paris and will receive €40 million from Schneider and €30 million from Alstom. It will draw on the venture capital expertise the Schneider Electric Ventures team has acquired since 2000 through the management of its first, €50 million fund, which invested in more than 20 companies in North America and Europe. Two experts from Alstom have recently joined the team, further strengthening its capabilities.
Aster will take minority interests in start-ups based in Europe, North America and Asia that are developing new technologies that could lead to breakthroughs in energy and the environment.
The two founding partners say they will support the development of the companies backed by the fund, encouraging cooperation and partnerships in their respective markets.
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