Plastics manufacturing group Plastic Omnium invested an undisclosed sum in a €240m ($280m) fund being raised by multi-corporate venturing firm Aster Capital yesterday.
Aster Capital focuses on energy, advanced materials, smart transportation and the internet of things, and manages funds backed by corporates including train manufacturer Alstom, chemicals producer Solvay and energy management equipment maker Schneider Electric.
The fund will target companies developing technologies around energy transition and future mobility, and will particularly seek to identify opportunities in Europe and the US.
Plastic Omnium operates across two sectors. The automobile division manufactures exterior components, modules and fuel systems for cars, while its environment unit produces waste management containers and offers services such as maintenance and washing.
The corporate’s commitment to Aster’s fund follows an investment of undisclosed size in Ξ-POCellTech, a fuel cell technology developer co-founded in 2016 with aerospace and defence company Elbit Systems.
Plastic Omnium also announced it will begin construction of an innovation and research centre in Brussels, dubbed Δ-Deltatech, in order to develop new forms of energy generation. The hub is expcted to begin operations by 2019.