Automotive manufacturer Hyundai Motor and Yield Capital, the investment firm set up by Beijing-Tsinghua Industrial R&D Institute (BTIRDI), launched investment vehicle Hydrogen Energy Fund on Monday with a target size of $100m.
Hydrogen Energy Industry Fund will make investments in hydrogen technology and infrastructure developers, combining the expertise of Hyundai and BTIRDI to assess deals. It will seek to raise money from venture capital firms in China, Europe and the US.
BTIRDI was established by Tsinghua University and the municipal government of Beijing in 1998 to assist the university in incubating scientific and technological breakthroughs and to serve as a consultant to the government.
Yield Capital was formed by the institute in 2014 and has already made a series of investments in the hydrogen energy ecosystem, its portfolio companies including fuel cell technology developer Beijing SinoHytec.
The fund aligns with the Chinese government’s plans to deploy a million fuel cell electric vehicles (FCEVs) and build a thousand refill stations by 2030.
Hsiu Fu Wang, executive vice-president at Hyundai Motor Group (China), said: “We are thrilled to announce the establishment of the Hydrogen Energy Fund with Beijing-Tsinghua Industrial R&D Institute.
“The collaboration is an important first step in advancing the global hydrogen ecosystem and our strong foundation of trust will present many growth opportunities for the partnership.”
The original version of this article appeared on our sister site, Global University Venturing.
