October 24 (Renewables Now) - French energy major Total SA (EPA:FP) today said it is dedicating a USD-400-million (EUR 359m) fund to carbon neutrality, seeking to support start-ups developing innovative technologies within smart energy, energy storage and other areas.
The fund will be known as Total Carbon Neutrality Ventures (TCNV) and, while investing globally, will have teams based in Europe and the US. Total expects it to increase its capital to a cumulative USD 400 million within five years.
Other areas that will be supported by TCNV include smart mobility, bioplastics and recycling.
The company noted that TCNV builds on Total Ventures’ existing portfolio of 35 global start-ups that have a contribution towards carbon neutrality, including Solidia, Sunfire, Shyft Power Solutions and Stem.
(USD 1.0 = EUR 0.898)