Yield Capital, established by a Tsinghua University institute, has partnered Hyundai Motor to raise a total of $100m for a hydrogen-focused fund.
Yield Capital, the investment firm set up by Beijing-Tsinghua Industrial R&D Institute (BTIRDI), joined forces with carmaker Hyundai Motor on Monday to launch the Hydrogen Energy Fund with a target size of $100m.
BTIRDI was established by Tsinghua University and the municipal government of Beijing in 1998 to assist the university in incubating scientific and technological breakthroughs and to serve as a consultant to the government.
Yield Capital was formed by the institute in 2014 and has already made a series of investments in the hydrogen energy ecosystem, such as fuel cell technology developer Beijing SinoHytec.
The Hydrogen Energy Fund will seek to raise money from venture capital firms in China, Europe and the US. It will aim to actively support portfolio companies.
The fund aligns with the Chinese government’s plans to deploy a million fuel cell electric vehicles (FCEVs) and build a thousand refill stations by 2030.
Hsiu Fu Wang, executive vice-president at Hyundai Motor Group (China), said: “We are thrilled to announce the establishment of the Hydrogen Energy Fund with Beijing-Tsinghua Industrial R&D Institute.
“The collaboration is an important first step in advancing the global hydrogen ecosystem and our strong foundation of trust will present many growth opportunities for the partnership.”
Zongkai Shi, deputy director of the school council of Tsinghua University, said: “Hyundai Motor possesses industry leading FCEV technologies which we will leverage in gaining foothold in China’s hydrogen ecosystem.
“Through the Hydrogen Energy Fund, we will develop a platform that significantly contributes to the creation of a hydrogen society.”