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



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