Research from Chinese Academy of Sciences will benefit from a vehicle backed by the government of Guangzhou in areas including intelligent manufacturing and energy efficiency.

Chinese Academy of Sciences (CAS) and financial services holding company Guangzhou Finance Holdings have launched a RMB300m ($43.2m) fund partly focused on commercialising the academy’s research, China Money Network reported on Tuesday.

The fund’s target size is $144m, with Guangzhou Finance Holdings participating through its $59.1m Guangzhou Jinkong Fund.

The project will back emerging technologies in fields such as intelligent manufacturing, new energy materials, energy efficiency and environmental protection. It is the result of a collaboration agreement between CAS and the municipal government of Guangzhou, the owner of Guangzhou Finance Holdings.

CAS and Guangzhou hope the fund will help turn the Guangdong-Hong Kong-Macau Greater Bay Area into a science and technology innovation powerhouse in line with central government policy.

In addition to CAS research, the vehicle will support innovation and collaboration projects from across the region.