Sinopec launches China’s largest hydrogen venture fund valued US$690 mn

Chinese state-owned oil giant Sinopec recently launched a hydrogen-focused venture capital fund, which will have a spending pot of US$690 million in its first phase.

The fund, the largest in China dedicated to investment across the hydrogen value chain, will target early-stage investments and incubation of key materials, core equipment and proprietary technologies with high growth potential, the company said.

The fund is managed by Sinopec Private Equity Fund Management Co, a wholly owned subsidiary of Sinopec Capital Co. External partners include Shandong New Growth Drivers Fund Management Co and Yantai Guofeng Investment Holding Group Co.

Sinopec has also taken equity stakes in 13 companies involved in the hydrogen energy industry chain and has built 11 hydrogen supply centers for fuel cells and 144 hydrogen refuelling stations across China.