Korea’s Doosan Heavy Industries & Construction Co Ltd and France’s Michelin Group have committed to the latest fund of Emerald Technology Ventures. The amounts committed were not disclosed. Doosan and Michelin join a number of existing corporate investors, including Ecolab Inc, SK Group Inc and Suncor Energy Inc, all of which made fund commitments last June. Emerald, which has offices in Toronto and Zurich, Switzerland, invests in companies in the areas of energy, water, advanced materials and industrial information technology. The firm’s 2014 deals include its investment in Canadian mapping service platform GeoDigital International Inc.
PRESS RELEASE
Emerald Technology Ventures welcomes investors Doosan and Michelin
Zurich-Toronto, February 3rd, 2015
Emerald Technology Ventures is pleased to announce the addition of Michelin and Doosan Heavy Industries & Construction as investors into its latest Fund. They join existing investors including ABB, Clariant, Ecolab, Evonik, JSR, MAHLE, Sibelco, SK Group, Sulzer, Suncor Energy and family offices. The fund invests in early and expansion stage companies in the areas of energy, water, advanced materials and industrial IT.
“We are delighted to welcome additional Asian and European investors. They bring a wealth of sector experience and successful global track records in our core areas of activity to the table,” commented Gina Domanig, Managing Partner at Emerald. “We look forward to supporting their open innovation initiatives just as we are doing for our existing family of corporate investors. Emerald portfolio companies benefit from these relationships by establishing partnerships that drive success.”
“This investment represents an essential step in strengthening the technology and innovation driven business of Doosan”, said Daejin Choi, Vice President of Corporate Strategy at Doosan Heavy Industries & Construction. “Emerald is recognized for its breadth in technology and market competence as well as its corporate investor services. We look forward to a strong collaboration.”
“Open innovation is a key avenue for Michelin and given Emerald’s long history of working with entrepreneurs and robust deal flow, this investment represents an important pillar to support our efforts in partnering with external start-ups,” concluded Laurent Noual, Executive Vice President Corporate Development at Michelin and Member of the Michelin Group Executive Committee.
About Doosan Heavy Industries & Construction P97 Networks
Doosan Heavy Industries & Construction Co., Ltd. is a Korea-based company engaged in supplying industrial facilities to both domestic and international plant markets. Along with its subsidiaries, it operates businesses through the power segment, which provides power generation equipment for nuclear power plants, coal-fired power plants and combined-cycle power plants; the water segment, which provides engineering procurement and construction (EPC) services of seawater desalination plants and water treatment systems; the industrial facilities segment, which provides stevedoring facilities; the casting and forgings segment as well as the construction, wholesale, machinery and engine segments.
www.doosanheavy.com
About Michelin
Michelin, the leading tire company, is dedicated to sustainably improving the mobility of goods and people by manufacturing and marketing tires for every type of vehicle, including airplanes, automobiles, bicycles/motorcycles, earthmovers, farm equipment and trucks. It also offers electronic mobility support services on ViaMichelin.com and publishes travel guides, hotel and restaurant guides, maps and road atlases. Headquartered in Clermont-Ferrand, France, Michelin is present in more than 170 countries, has 111,200 employees and operates 67 production plants in 17 different countries. The Group has a Technology Center in charge of research, development and process engineering, with operations in Europe, North America and Asia.
www.michelin.com
About Emerald Technology Ventures
Emerald is a globally recognized investment firm in the areas of energy, water, advanced materials and industrial IT. Founded in 2000, the company has raised three Venture Capital Funds, completed more than 50 venture investments, been a trusted partner for numerous multi-national corporations in their open innovation activities and managed three technology investment programs for third parties. From offices in Zurich, Switzerland and Toronto, Canada, Emerald has managed assets of over USD 660 million to date.
www.emerald-ventures.com
For more information please contact:
Emerald Technology Ventures
Hans Dellenbach
Chief Financial Officer
Seefeldstrasse 215
8008 Zurich
Switzerland
Tel +41 44 269 61 23
hans.dellenbach@emerald-ventures.com
Photo courtesy of Shutterstock
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