German specialty chemicals producer Evonik Industries plans to invest up to Eur100 million ($121 million) in young start-up technology companies, the company said Thursday.
Evonik has made an investment of an undisclosed sum in North American clean-tech fund, Pangaea Ventures Fund III located in Vancouver, Canada. Pangaea invests in young technology companies with a specific focus on advanced materials and specialty chemicals including energy generation and storage, resource efficiency and nanotechnology.
The company declined to comment on the actual investment made in Pangaea Ventures but added that this was the second investment Evonik has made in a cleantech company after Germany's High-Tech Grunderfonds.
"With our investment in Pangaea Ventures Fund III we have a strong partner in one of the most dynamic venture capital markets in the world with immediate relevance to our own business activities," said Evonik Chief Innovation Officer Peter Nagler.
