South Africa’s Sasol Launches Venture Fund for Greentech Startups
South African chemicals and energy company Sasol has announced that it has established Sasol Ventures to advance its decarbonisation and 2050 net zero ambitions through venture capital.
The fund will pursue investments in start-up and early-stage technologies that will enable Sasol to meet the need for sustainable chemicals and energy solutions to decarbonise its business, communities and markets it serves globally.
In a statement last week, the company stated that it will invest €50 million into the fund over the next five years, making it the largest chemicals and industry venture capital fund in South Africa.
Sasol has partnered with Emerald Technology Ventures, a specialised global venture capital firm to enable Sasol Ventures to source and evaluate opportunities with the objective of growing a portfolio for the fund.
“Through the partnership, Sasol has also directly invested in Emerald’s global energy transformation fund to maximise its innovation opportunities. It will complement Sasol’s existing Research and Technology capabilities in sourcing and evaluating technologies and solutions,” said Fleetwood Grobler, President and Chief Executive Officer of Sasol.
Greentech investment seems to be the new trend in South Africa at the moment. Recently, private investment firm Grovest launched a solar investment fund that offers investors tax benefits in terms of Section 12B of the country’s Income Tax Act.