Shell Technology Ventures (STV), the corporate venture capital arm of Netherlands-based oil and gas producer Royal Dutch Shell, is set to open an office in China, Reuters has reported.
STV was launched in 1998 and invests in oil and gas, and clean energy technologies. It typically provides $2.5m to $5m for initial deals and can provide up to $20m over the lifecycle of an investment, managing director Geert van de Wouw told Reuters.
The fund’s sixth global office will be located in Shanghai, and it is looking to recruit three local investment professionals to help it tap into the market.
Van de Wouw said: “The Chinese venture market is booming, exploding is a better word. What you see now is Chinese engineers based in Silicon Valley and Europe that see market opportunities and go back to China to set up their own shops.”
STV’s portfolio companies include energy storage provider Aquion Energy and solar steam generator developer GlassPoint Solar. It is looking into investments in battery storage, solar power generation for micro grids and smart mobility, Van de Wouw added.