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Alstom, Schneider Electric in joint venture to fund energy start-ups

Alstom and Schneider Electric have joined forces to launch a new venture capital fund to finance innovative start-ups in the fields of energy and the environment around the world.

According to a joint press release from the companies, this is the first time worldwide that two major industrial groups are associated in a joint initiative of this nature, which, in addition, remains open to the participation of other potential partners.

The fund, called Aster Capital, is based in Paris and will receive progressively a capital subscription of €70 million (AUD$108 million), with €40 million coming from Schneider Electric and €30 million from Alstom.

Other industrial partners can be invited to join this initiative to create a European benchmark fund specialising in energy and the environment, the companies say.

The mission of Aster Capital is to take minority interests in innovative start-ups based in Europe, North America and Asia, developing new technologies that could lead to breakthroughs in the fields of energy and the environment.

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