Germany's Evonik invests in Pangaea Ventures
German-based speciality chemical producer Evonik Industries has invested an undisclosed amount in the North American Pangaea Ventures Fund III in Vancouver, Canada.
The move forms part of the Evonik's plans to invest nearly €100m ($121m) in start-up companies with break-through technologies and specialised venture capital funds.
The investment is expected to help Evonik gain access to new technologies in the Cleantech segments.
Dr. Peter Nagler, Evonik chief innovation officer, said with Evonik's investment in Pangaea Ventures, the company has a partner in one of the venture capital markets in the world with relevance to the company's business activities.
"This investment is an important step for Evonik Corporate Venturing to roll out its internationalization strategy," Nagler added.
Pangaea Ventures invests in young technology companies with a specific focus on advanced materials and speciality chemicals, which includes energy generation and storage, resource efficiency and nanotechnology.
Chris Erickson, Pangaea Ventures general partner said Pangaea Ventures is pleased to have Evonik as an investor in the fund.
''Our portfolio companies will benefit from the access to markets, suppliers and expert assistance from Evonik, a world class specialty chemical company," Erickson added.
Evonik said that the investment is the second investment it has made in a cleantech company after High-Tech Grunderfonds, in Germany.