The Nobel Sustainable Trust along with Sustainable Technology Investors Ltd (STIL) have created a venture fund aiming to tap this new source of funding, which, in turn, is aimed at fighting the effects of climate change. Whoever said green technology cannot be profitable???
Best known for its prizes, Sweden’s Nobel family which carries it name in prizes, along with the billionaire co-founder of Hargreaves Lansdown are backing a a venture capital fund to invest in “sustainable” technology, manufacturing and service companies in Britain.
This development comes in the wake of the British government’s announcement on Monday that it plans on adopting measures which will help companies grow and are seeking funds from private and public players for up to 20 billion pounds.
As an outcome of this announcement, Sustainable Technology Investors Ltd (STIL) in partnership with Nobel Sustainability Trust (NST) launched the Nobel Sustainability Growth Fund.
The initial 10 million pounds will be funded by SET3, the investment group founded by Gordon Power and Stephen Lansdown, and Monaco’s sovereign wealth fund.
The fund aims to grow to 100 million pounds and make 10-12 investments of between 3 and 10 million pounds.
“The UK continues to offer a strong pipeline of investments post Brexit,” said Jim Totty, STIL’s managing partner.
The fund will be followed by other regional ones focused on resource efficiency, clean energy and sustainable technology.
($1 = 0.7514 pounds)