Total Energy Ventures will invest approximately $48m in the new energy fund as one of its three anchor partners, on the way to a $239m close.
Total Energy Ventures (TEV), the corporate venturing subsidiary of oil and gas company Total, agreed to form a RMB1.5bn ($239m) fund today in partnership with two other investors.
TEV, private equity firm Cathay Capital and Hubei High Technology Investment Guiding Fund Management, a fund overseen by the local government in the Chinese province of Hubei, will each provide RMB300m for the fund, while the rest will be raised from external partners.
Cathay Smart Energy Fund will target China’s new energy…
