BASF Venture Capital invests $5m in Tsing Capital’s clean energy fund
BASF Venture Capital, the corporate venture capital arm of global chemical company BASF, has invested $5 million in the China Environment Fund IV managed by Tsing Capital.
Launched in April 2010, the $250 million fund is part of a series of four clean energy funds managed by Tsing Capital, with a focus on companies which develop sustainable cleantech technologies in China within the sectors of renewable energy, energy efficiency, environmental protection, new materials, sustainable transportation, smart grids, sustainable agriculture and cleaner production.
Other investors in China Environment Fund IV include financial institutions, family offices, strategic multinational corporations, and Fortune 500 companies. International Finance Corporation, the investment arm of World Bank, also proposed to inject $20 million into the fund.
Tsing's fund platform is expected to enable BASF to set up joint activities with Chinese companies, as well as providing better access to technology with future potential and innovative chemical system solutions.
"China has a large number of highly innovative and sustainable technology companies of great strategic importance for BASF," said Johnnie Yuen, regional head at BASF Venture Capital in Asia Pacific. "The performance to date and the outstanding fund management were further reasons for us to participate in CEF IV."
Established in 2001, Tsing Capital was the first fund manager investing in Chinese cleantech and environment related companies. It has an aggregate of assets under management over $600 million.
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