Towngas’ Peter Lee sees opportunities in Saudi Arabia’s green economy, seeks roles in sectors like energy technology and storage
- Peter Lee’s gas distribution firm Towngas and family-office unit Full Vision Capital will be investment vehicles for green-economy ventures
- Hong Kong start-ups, waste biomass conversion company EcoCeres and battery maker EnerVenue, are finalising strategic partnerships with Saudi players
Hong Kong business magnate Peter Lee Ka-kit is betting on Saudi Arabia’s green economy as his power-to-property conglomerate rolls out partnerships, cooperation, and investment in sectors such as energy technology and energy storage.
Lee’s gas distribution firm Hong Kong and China Gas (Towngas) and family- office unit Full Vision Capital, will be the main investment vehicles for these initiatives, a source close to Full Vision told The Post, as Saudi Arabia seeks to achieve net-zero carbon emissions status by 2060, with plans to invest up to one trillion riyals (US$266.40 billion) to generate “cleaner energy”.
As first steps, two Hong Kong start-ups, EcoCeres and EnerVenue, backed by Full Vision Capital and Towngas respectively, are finalising strategic partnerships with local players and are also studying the feasibility of setting up manufacturing bases in the Middle East’s biggest economy. Lee is co-chairman and managing director of Henderson Land Development, one of Hong Kong’s leading developers founded by his father, Lee Shau-kee.
EcoCeres specialises in the conversion of waste-based biomass into biofuels, biochemicals and biomaterials, and produces commercialised hydro-treated vegetable oil, sustainable aviation fuel, and cellulosic ethanol.
EnerVenue focuses on developing new nickel hydrogen batteries, which can be used in solar photovoltaic, wind energy, microgrid and rechargeable piles.
