These strategic Limited Partners join existing strategic investors BASF Venture Capital, Solvay, Ciba Specialty Chemicals and Toyota Tsusho America. The fund is focused on cleantech and advanced materials and has closed with US$32 million in commitments.
Chris Erickson, Principal of Pangaea Ventures, stated, "Pangaea Ventures is very pleased to have Asahi Glass, Umicore and Bekaert join the fund. With our focus on early-stage cleantech and advanced materials, we believe it is invaluable to have the support of these global market leaders."
Purnesh Seegopaul, Principal of Pangaea Ventures, added, "It's exciting to partner with these leading corporations as we work alongside companies delivering innovative solutions that facilitate the growth of the cleantech and advanced materials markets."
Hiroyuki Watanabe (General Manager, Technology Planning at Asahi), Marcel Meeus (Senior Manager Technology Scouting at Umicore) and Frans Van Giel (Vice President, Business Development at Bekaert) have joined Pangaea's advisory board.
Pangaea Ventures Fund II, LP has made four investments to date including, Cyrium Technologies Incorporated, Kovio, Inc., Switch Materials Inc. and CNano Technology Limited.
About Pangaea Ventures
Pangaea Ventures invests in early-stage cleantech and advanced material companies. It believes that breakthroughs in advanced materials are critical for the continued growth of clean technology and many other large markets. With offices in Vancouver and New Jersey, Pangaea Ventures invests across the United States and Canada out of its first two funds.
About Asahi Glass
Asahi Glass (www.agc.co.jp) has been in business for over 100 years and has a core focus on the glass, display glass, chemical and electronics & energy markets. It is based in Japan and operates world wide. The vision of the company is 'Look Beyond' to make the world a brighter place. Asahi has a venture capital group that is pursuing opportunities in cleantech and advanced materials and has over 49,000 employees with annual revenue of over $14 billion.
Umicore (www.umicore.com) is a materials technology group. Its activities are centered on four business areas: Advanced Materials, Precious Metals Products and Catalysts, Precious Metals Services and Zinc Specialties. Each business area is divided into market-focused business units. Umicore focuses on application areas where it knows its expertise in materials science, chemistry and metallurgy can make a real difference, Umicore generates approximately 50% of its revenues and spends approximately 80% of its R&D budget in the area of clean technology, such as emission control catalysts, materials for rechargeable batteries and photovoltaics, fuel cells, and precious metals recycling. Umicore's overriding goal of sustainable value creation is based on this ambition to develop, produce and recycle materials in a way that fulfils its mission: materials for a better life. The Umicore Group has industrial operations on all continents and serves a global customer base; it generated a turnover of L 8.3 billion (L 1.9 billion excluding metal) in 2007 and currently employs some 14,800 people.
Bekaert (www.bekaert.com) seeks sustainable profitable growth based on its two core competences: advanced metal transformation and advanced materials and coatings. Bekaert aims to consolidate its position as both market and technological leader around the world. With its broad range of high technological products, systems and services, Bekaert offers high added value for its customers. Bekaert (Euronext Brussels: BEKB) is a European based company, headquartered in Belgium, employing 20 400 people. Bekaert, present in 120 countries, generates annual combined sales of more than L 3.4 billion. Bekaert is based in Belgium and operates in over 120 countries. It supplies advanced wire products, materials and coatings. Bekaert has a venture capital group making investments in advanced materials and cleantech. The company has over 20,000 employees and annual revenue of over $5 billion.