Spanish multinational energy and petrochemical company Repsol has partnered with Suma Capital, the leading ESG and impact investment manager in Spain, to create the SC Net Zero Tech Ventures fund, to invest in companies developing promising technologies in decarbonization and circular economy with the ambition of accelerating their application on an industrial scale.

Repsol will contribute EUR50 million (USD50.06 million) to this fund, which will bring in new investors, and up to a total capital of EUR150 million (USD150.18 million). The fund will have clear sustainability objectives and promote the double transition, digital and green, in the important challenge of the fight against climate change where new technologies will play a key role.

Also, Repsol Corporate Venturing, the multi-energy company’s vehicle for investing in technology startups,created in 2016, now ends one stage, and will be renamed Repsol Deep Tech for the next stage. It will be exclusively owned by the company and endowed with EUR50 million (USD50.06 million) to make minority investments in startups that are in the early stages of developing technologies for decarbonisation.

Through these two new funds, which complement each other, Repsol creates a new model of open innovation and collaboration with the entrepreneurial ecosystem. The objective is to diversify its venture capital investment strategy and combine its internal capabilities in innovation and proprietary technology development with participation in technology startups. The strategic objectives of these funds support the company’s goal of achieving net zero emissions by 2050, identifying new opportunities and technologies that will contribute to the achievement of its decarbonisation objectives.