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Evonik invests in two leading Chinese funds to strengthen its footprint in the region

August 24/2021

MOSCOW (MRC) -- Evonik is extending its corporate venture capital activities in China with investments into GRC SinoGreen Fund V and Richland VC Fund III, as per the company's press release.

The two leading funds focus on advanced materials, high-end manufacturing equipment, digital transformation, and green technologies. They will strengthen Evoniks activities in the region and will provide access to attractive technologies and business opportunities. Parties have agreed to not disclose the amount of the investment.

China is one of the worlds fastest growing innovation leaders and therefore an attractive market for venture capital, said Bernhard Mohr, head of Evonik Venture Capital. By partnering with funds that have deep understanding of the innovation ecosystem in China and broad networks with local start-ups, Evonik is able to gain rapid access to new technologies and attractive business opportunities at an early stage.

The Chinese venture capital fund GRC invests in material-focused green technology companies in China. GRC SinoGreen Fund V intends to focus on areas of circular economy, synthetic biology, 3D printing, battery materials and carbon materials. The investment marks a follow-up to Evoniks participation in 2015 in the third fund of GRC (GRC SinoGreen Fund III).

Richland Capital invests in advanced materials and pays attention to new technologies such as advanced manufacturing equipment and digital technology. Therefore, it has set its investments focus on the value chain of materials, equipment and data, targeting strategic industries such as pan-semiconductor, e-mobility, digital manufacturing, 5G and alternative energy.

Evonik is a well-known corporate venture capital partner in China with a local presence since 2018 and several fund and direct investments over the years. The Venture Capital arm plays a strategic role in Evoniks goal to become a best-in-class specialty chemicals company, by investing in innovative technologies and disruptive business models as well as enabling digital technologies.

As MRC reported earlier, in February, 2020, Dow and Evonik entered into an exclusive technology partnership. Together, they plan to bring a unique method for directly synthesizing propylene glycol (PG) from propylene and hydrogen peroxide to market maturity.

Propylene is the main feedstock for the production of polypropylene (PP).

According to MRC's ScanPlast report, PP shipments to the Russian market were 727,160 tonnes in the first six months of 2021, up by 31% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased. Supply of statistical copolymers of propylene (PP random copolymers) subsided.

Evonik is one of the world leaders in specialty chemicals. The focus on more specialty businesses, customer-oriented innovative prowess and a trustful and performance-oriented corporate culture form the heart of Evoniks corporate strategy. They are the lever for profitable growth and a sustained increase in the value of the company. Evonik benefits specifically from its customer proximity and leading market positions. Evonik is active in over 100 countries around the world with more than 33,000 employees.


mrcplast.com
Author:Margaret Volkova
Tags:PP, propylene, batteries, petrochemistry, recikling, cable, Dow, Evonik, Germany, China, USA.
Category:General News
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