Energy firm CLP and Beijing-based venture capital company Venturous will partner to develop smart energy technology businesses in China’s Greater Bay Area (GBA) after CLP acquired a 5% stake in Venturous.
As part of the collaboration, the companies will explore business development opportunities and potential investments in smart energy technologies in the GBA, a region that includes Hong Kong, Macau, Guangzhou, Shenzhen and seven other cities in the southern Guangdong province, with combined gross domestic product equal to more than a tenth of China's economy.
The partnership combines the capabilities of CLP and Venturous in low-carbon energy and digitalization to meet growing demand for sustainable energy solutions in the fast-growing region.
While China emits more than a quarter of the world's greenhouse gases, the central government is determined to make the country carbon neutral by 2060, acknowledging that technology will play a key role in its decarbonization.
CLP became the lead investor in Venturous' Series B funding round, which has so far attracted more than US$20 million. Venturous completed its previous Series A funding round in March 2021, raising US$131 million. With the further funding, this will quicken the pace for the partnership between CLP and Venturous to realize its decarbonization opportunities in the region.
The CLP Group is one of the largest investor-owned power businesses in the Asia-Pacific region with investments across Hong Kong, mainland China, Australia, India, Southeast Asia and Taiwan.
David Simmonds, CPL’s chief strategy, sustainability and governance officer, says: “With CLP's longstanding commitment to address climate change, and continued efforts to support the energy transition in Hong Kong and mainland China, it is essential to have the right technologies and partnerships.”