Venture capital fund launched to spur energy and environmental technology development
Alstom and Schneider Electric form Aster Capital with 70 million Euros in funding for innovative technology start-ups in Europe, North America, and Canada.
Alstom and Schneider Electric are joining forces tolaunch a new venture capital fund to finance innovative start-ups in the fieldsof energy and the environment. According to the companies, this is the firsttime that two major industrial groups are associated in a joint initiative ofthis nature, which remains open to the participation of other potentialpartners.
The fund, Aster Capital, is based in Paris and will receiveprogressively a capital subscription of 70 million Euros from SchneiderElectric (40 million Euros) and Alstom (30 million Euros).
The mission of Aster Capital is to take minorityinterests in innovative start-ups based in Europe, North America and Asia, developing new technologies that could lead tomajor breakthroughs in the fields of energy and the environment.
Access other Control Engineering contentrelated to funding of sustainable engineering projects and technologies:
- PresidentObama awards $2.3 billion for new clean-tech manufacturing
- Green Crude program receives $750,000 in funding
- Fund managers join forces to demonstrate clean energy's economic impact
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