Spanish energy giant Repsol has launched a venture capital fund with Suma Capital to support decarbonisation technologies.

The SC Net Zero Tech Ventures fund will help companies, specifically in Europe and North America, that are developing technologies for decarbonisation and the wider circular economy, as well as homing in on advanced mobility, renewable energy and digital energy solutions.

Repsol is set to contribute €50 million ($50.8 million) to the fund, bringing the total capital up to €150 million.

Repsol will also transition its current investment vehicle, Repsol Corporate Venturing, into a new phase calledRepsol Deep Tech.

It will be owned exclusively by Repsol and given €50 million to make minority investments in early-stage decarbonisation startups.

Suma Capital is a private equity firm in Spain focusing on sustainability and environmental, social, and governance impact. The company has assets under management of nearly €700 million.

Sunrgyze and Perseo Biotechnology are early investors in the fund. Sunrgyze is a spin-off from Repsol and natural gas transmission company Enagas, created to deploy the renewable hydrogen production through photoelectrocatalysis business model.

Repsol has a 25% stake in Perseo Biotechnology, which converts solid urban waste into bioethanol.

Repsol Technology Lab will provide technical advice to the companies involved in the fund.

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