Evonik spends venture capital on sustainability funds

Company invests in new technologies to reduce emissions

Evonik Venture Capital has invested in two sustainability funds: Azolla Ventures I and the Chrysalix Venture Capital’s Carbon Neutrality Fund. Both companies are looking into CO₂ reduction technologies, with Azolla focused on North America and Chrysalix globally. This is Evonik’s venture capital arm’s first investment using the new €150 million Sustainability Tech Fund. All parties have agreed to not disclose the amount of the investment.

“By working with Azolla Ventures and Chrysalix, we gain an early insight into pioneering technologies for CO₂ reduction worldwide. This also helps us to achieve our own sustainability goals,” said Dr Bernhard Mohr, head of Evonik Venture Capital.

The current fund focuses primarily on start-ups in North America whose innovations have the potential to make a significant contribution to reducing emissions.

Evonik has set a goal of significantly reducing the direct and indirect greenhouse gas emissions of its own production and processing operations by 2030. Both Scope 1 and Scope 2 emissions are to be reduced from the current 6.5 million tonnes to 4.9 million tonnes.

The company’s ambitions are strengthened by the new Sustainability Tech Fund. This fund focuses on investments in six technology fields: circular economy, alternative raw materials, future mobility, hydrogen economy, renewable carbon and clean energy. With the Sustainability Tech Fund, the total fund volume of Evonik Venture Capital increases to €400 million.

Company invests in new technologies to reduce