Venture capital funds manager AP Ventures on Wednesday announced that French automotive supplier Compagnie Plastic Omnium (Plastic Omnium) had become a limited partner and advisory board member in AP Ventures Fund II.
Plastic Omnium contributed $30-million to the fund to become a partner.
AP Ventures’ investment strategy is focused on companies developing technologies in the hydrogen value chain, fuel-cell mobility and energy storage markets, which are dependent on the high-performance characteristics of platinum-group metals (PGMs).
“Both organisations are committed to clean and sustainable mobility. Technological innovation and a wide geographical spread of customers characterise a business which is forward-thinking and nimble. Plastic Omnium’s focus on investment, innovation and leadership has allowed the business to provide pioneering solutions for its global customer base,” said AP Ventures.
“The automotive world is living through tremendous technological disruption; we are accelerating and diversifying our strategy for innovation which will allow us to provide essential technology solutions for clean and carbon-free cars.
“Investing in AP Ventures alongside major industrial players demonstrates Plastic Omnium‘s commitment to the development of the hydrogen ecosystem,” noted Plastic Omnium strategy and development executive VP Félicie Burelle.
South Africa’s Public Investment Corporation and PGMs miner Anglo American Platinum are cornerstone investors in AP Ventures. Japanese trading house Mitsubishi and automotive manufacturer Toyota Motor Corporation, through its Mirai Creation Fund II, have also invested in AP Ventures.