European investment firm 360 Capital raises 140 mln euros for climate tech fund

360 Capital

23/12/2024 14:12

Dec 23 (Reuters) - European venture capital firm 360
Capital said on Monday it had raised 140 million euros ($145.5
million) for a fund focused on technologies aimed at protecting
the environment.
    The company's 360 Life II fund will focus on investments in
areas such as renewable energy, hydrogen and reducing pollution
and waste.
    
    WHY IT'S IMPORTANT:
    The fund-raising comes as countries around the world face up
to the impact of climate change and global warming.
    Data from European Union scientists this month showed that
2024 will be the hottest year since records began, while an
agreement at November's COP29 summit to set aside $300 billion
annually by 2035 to finance tackling climate change has been
criticised by some for being insufficient.
    
    BY THE NUMBERS:
    Italian investment company A2A  A2.MI  has committed 40
million euros to 360 Capital's climate tech fund, while Italian
electrochemistry company De Nora  DNR.MI  has committed 10
million euros.
    France's state-owned investment firm Bpifrance has also
invested in the fund.
    
    KEY QUOTE:
    "This initiative represents a crucial step for us, as we
firmly believe that it is essential to increasingly open up to
innovation in order to tackle the climate challenges that our
planet is facing," said De Nora CEO Paolo Dellacha.
    ($1 = 0.9623 euros)

 (Reporting by Sudip Kar-Gupta, Editing by William Maclean)
 ((sudip.kargupta@thomsonreuters.com;))