Japanese trading house Mitsubishi Corp., together with MUFG bank and others, will launch a $1bn decarbonization fund, Nikkei reported today.
The fund will invest a total of $1bn in startup companies with promising technologies in areas such as floating offshore wind turbines and sustainable aviation fuel, according to the report.
The fund will invest in European and US startups.
Mitsubishi will invest several hundred million dollars in the fund, called Marunouchi Climate Tech Growth Fund, while Mitsubishi Heavy Industries and other investors will be invited to take part as well. MUFG and Pavilion Private Equity will also invest in the fund.
The size of fund will grow to $1 billion by April 2024, with individual investments ranging between $20m and $100m, the report says.
