Solvay Ventures, the strategic investment arm of chemicals producer Solvay, provided funding on Tuesday for Longwater Advanced Materials Fund, a venture capital fund formed by China-based equity fund manager Longwater Investment.
Longwater Investment provides funding for advanced materials and chemistry technology developers and services providers. Solvay Ventures runs an €80m ($91m) evergreen fund, targeting opportunities in sustainable resources including energy transition and clean mobility.
Solvay already has a research and innovation centre in Shanghai, China, partnering local entrepreneurs to foster innovation in the chemical industry.
Stéphane Roussel, managing director at Solvay Ventures, said: “Thanks to this new partnership with Longwater Investment, we will support the development of innovative companies in the advanced material industry in the country, while gaining more in-depth local market insight.”
Xuesong Shi, managing partner of Longwater Investment, added: “We share a common vision with Solvay Ventures in the way we are committed to technological innovation and sustainability. Such similarity in core values has given our team very strong confidence that our partnership will be a mutually beneficial one with some exciting accomplishments.”
