Evonik joins BASF, others in investing in Germany high-tech fund

20 March 2012 17:54  [Source: ICIS news]

LONDON (ICIS)--Evonik has joined BASF and Altana to become the third chemicals firm to invest in a German high-tech fund, the specialty chemicals producer said in Tuesday.

Evonik said it invested €2.5m ($3.3m) in High-Tech Grunderfonds II. The fund provides financing of up to €500,000 of venture capital to innovative technology companies.

Evonik's involvement in the fund is part of its strategy of investing in innovations and providing assistance to promising young start-ups in the chemicals sector and related disciplines, it said.

Apart from the chemical firms, investors in the fund include Germany’s federal economics and technology ministry, government-controlled KfW bank, as well as car maker Daimler and industrial firm Bosch, among others.

High-Tech Grunderfonds has about €563m under management in two funds, HTGF I and HTGF II. The chemical firms' investment is in HTGF II.

($1 = €0.76)

By: Stefan Baumgarten
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index