Anglo American’s venture capital spin-off seeks investors to join in the hunt for fuel cell energy start-ups

AP Ventures, a venture capital fund manager recently spun off from the world’s largest platinum miner Anglo American, is on the hunt for global investors including Chinese to buy into its new US$100 million fund seeking early exposure to the emerging fuel cell electric vehicles industry.

The London-based AP, which manages US$200 million worth of assets, will also deploy the new fund in other renewable energy-related projects, besides investment themes related to scare resources and the ageing population, said partner Kevin Eggers.

“We are open to a broad range of investors and have a number of prospective Asian investors in our data room now, including Chinese strategic investors involved in the fuel cell vehicles supply chain,” he said in an interview with South China Morning Post.

AP Ventures was formed in July this year, with Anglo American contributing US$55 million in cash and six investments from a five-year-old venture capital unit worth US$45 million, while South Africa pension fund manager Public Investment Corporation has put in US$100 million cash.

With the advent of electric vehicles and announcements by various nations to phase out fossil fuel use in the next two decades, Anglo American has been funding start-ups that will bring about new demand sources for platinum, whose biggest demand is currently internal combustion engine vehicle exhaust emission abatement units.

In fuel cell vehicles, platinum electrodes are used to turn oxygen and hydrogen into electricity.