Sasol, a South African chemicals and energy company has announced the creation of Sasol Ventures, a venture capital fund focused on advancing its decarbonisation and net-zero goals by investing in start-ups and early-stage technologies.
The fund will direct its investments towards sustainable chemical and energy solutions that can help Sasol to reduce its carbon footprint and cater to the markets it serves globally. The company will commit €50 million to the fund over the next five years, making it the largest chemicals and industry venture capital fund in South Africa.
Sasol has partnered with Emerald Technology Ventures, a global venture capital firm, to source and evaluate opportunities for the fund. Sasol Ventures will complement Sasol's existing research and technology capabilities to evaluate technologies and solutions. The partnership will also enable Sasol to invest in Emerald's global energy transformation fund and maximise innovation opportunities.
The move reflects a growing trend of greentech investment in South Africa. Private investment firm Grovest recently launched a solar investment fund that offers tax benefits to investors under the country's Income Tax Act. Sasol's initiative underlines the corporate sector's growing commitment to decarbonisation and net-zero goals.