Automotive component producer Compagnie Plastic Omnium has committed $30m to the second fund for AP Ventures, an independent UK-based venture capital firm set up by mining company Anglo American Platinum.
AP Ventures focuses on companies developing technologies in the hydrogen value chain, fuel-cell electric mobility and energy storage markets, and which are dependent upon platinum as a metal.
The other corporate LPs in AP Ventures Fund II are Anglo American Platinum, trading group Mitsubishi and Mirai Creation Fund II, a VC fund backed by carmaker Toyota and banking firm Sumitomo Mitsui Banking Corporation, as well as South African sovereign wealth fund, Public Investment Corporation.
Andrew Hinkly (pictured), managing partner at AP Ventures, said: “Our strategic investors’ expertise together with our experience and industry network allows us to provide our portfolio companies with a unique combination of investment and development opportunities.”
Félicie Burelle, senior executive vice-president for strategy and development at Plastic Omnium, added: “The automotive world is living through tremendous technological disruption; we are accelerating and diversifying our strategy for innovation which will allow us to provide essential technology solutions for clean and carbon-free cars.
“Investing in AP Ventures alongside major industrial players demonstrates Plastic Omnium’s commitment to the development of the hydrogen ecosystem.”
