Key Takeaways
- • Idemitsu Kosan Co., Ltd. has committed to invest in an open innovation evergreen fund managed by Emerald Technology Ventures, a Zurich-headquartered, clean technology-focused venture capital organization.
- • The Emerald fund targets industrial innovations in material chemistry and clean technologies aimed at improving energy efficiency and reducing carbon dioxide levels.
- • Idemitsu will gain access to Emerald's start-up pipeline across North America, Europe and Israel, in exchange for its technology and business networks.
- • Idemitsu also plans to establish a European open innovation promotion base in the Swiss canton of Basel-Stadt.
Summary
Tokyo-based Idemitsu Kosan Co., Ltd. has decided to invest in an open innovation evergreen fund managed by Emerald Technology Ventures, a Swiss clean technology-focused venture capital organization headquartered in Zurich, according to a Business Wire release. The company also decided to establish a new open innovation promotion base in Switzerland as part of its effort to accelerate innovation with start-up companies globally, not only in Japan.
The Emerald fund's portfolio centers on industrial innovations in material chemistry and clean technologies that can help resolve social issues through improved energy efficiency and reduced carbon dioxide emissions. Idemitsu expects the investment and the partnership with Emerald to generate synergies that combine Emerald's technological expertise, market insight and access to start-ups in North America, Europe and Israel with Idemitsu's existing technologies and business networks. The companies said these synergies would help build a resilient business portfolio that can respond flexibly to changing business conditions by incorporating start-up technologies.
Idemitsu also plans to establish a European open innovation promotion base in the Swiss canton of Basel-Stadt to further accelerate global open innovation.
Hajime Nakamoto, Managing Executive Officer in Innovation Strategy Planning and several other business areas at Idemitsu, said the move supports the priority themes of the company's Medium-term Management Plan for FY2020-2022. He described the investment and overseas bases as "momentous steps forward," while noting that open innovation is a long-term objective. The release did not disclose the size of Idemitsu's commitment to the fund.
The Emerald fund's portfolio centers on industrial innovations in material chemistry and clean technologies that can help resolve social issues through improved energy efficiency and reduced carbon dioxide emissions. Idemitsu expects the investment and the partnership with Emerald to generate synergies that combine Emerald's technological expertise, market insight and access to start-ups in North America, Europe and Israel with Idemitsu's existing technologies and business networks. The companies said these synergies would help build a resilient business portfolio that can respond flexibly to changing business conditions by incorporating start-up technologies.
Idemitsu also plans to establish a European open innovation promotion base in the Swiss canton of Basel-Stadt to further accelerate global open innovation.
Hajime Nakamoto, Managing Executive Officer in Innovation Strategy Planning and several other business areas at Idemitsu, said the move supports the priority themes of the company's Medium-term Management Plan for FY2020-2022. He described the investment and overseas bases as "momentous steps forward," while noting that open innovation is a long-term objective. The release did not disclose the size of Idemitsu's commitment to the fund.
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