Shell Technology Ventures (STV), the corporate venturing arm of oil and gas company Shell, has made investments in two venture capital funds, managing director Geert van de Wouw has confirmed.
STV provided an undisclosed amount for GRC SinoGreen Fund III, a China-based fund that invests in companies developing energy and resource efficiency, cleaner transportation, sustainability and climate change mitigation technology. Its limited partners also include chemicals producer Evonik.
The other VC fund to receive capital was Netherlands-based Set Ventures, a growth-stage investor that funds smart energy and energy efficiency, energy storage and distributed renewable energy.
Van de Wouw said: “Besides our direct investments in start-up companies, investments in VC funds are an important element of Shell Technology Ventures’ activities. These limited partnerships give us better insights in the disruptive qualities of key venture-ecosystems in North America, Europe and Greater China.”
STV’s previous fund investments include contributions to funds raised by private equity firm Energy Ventures, Norway-based, energy and maritime-focused VC firm ProVenture and alternative energy VC firm Chrysalix Energy Venture Capital.