French energy company TotalEnergies has divested a significant portion of its climate venture capital (CVC) arm, TotalEnergies Ventures, to French VC firm Aster. This strategic move has allowed the French VC firm to establish a new fund exclusively dedicated to supporting and financing nearly 20 clean energy companies. The fund's diverse portfolio comprises minority stakes in companies primarily located in Europe and the United States.
The Fonds Professionnel de Capital Investissement (FPCI) fund, also known as the professional fund of capital investment, has gained a new investor in US-based investment adviser company North Sky Capital. Their involvement in the fund will provide additional financial support for the portfolio companies' future financing requirements.
Jean-Marc Bally, managing partner at Aster, expressed his confidence in the Aster model and its capacity to develop customized solutions for their subscribers, stating, “This unprecedented operation testifies to confidence in the Aster model and in our ability to develop solutions fully tailored to the needs of our subscribers.”
Notably, this transaction represents Aster's inaugural private equity secondary market venture, further solidifying its position in the climate tech innovation financing market. By expanding its presence in this sector, Aster is well-positioned to support the growth and development of groundbreaking climate-focused technologies.
The corporate funding landscape has witnessed a robust start in 2023, with a remarkable 55% sequential increase in the first quarter alone. Globally, a total of US$8.4 billion in corporate investments has been made, encompassing venture capital (VC) investments, public market contributions, and debt financing. This surge in funding highlights the growing commitment to driving innovation and sustainability in the corporate world.
