LyondellBasell invests in Carbon Neutrality Venture Fund

LyondellBasell invests in Carbon Neutrality Venture Fund

The fund will support emerging companies developing and deploying new low-carbon technologies

  • By ICN Bureau | July 01, 2023

LyondellBasell announced its investment in a new Carbon Neutrality Fund led by Chrysalix Venture Capital. The fund will support emerging companies developing and deploying new low-carbon technologies, focusing on hard-to-abate sectors, such as the chemicals industry. These investments expand LyondellBasell’s venture capital activities to help advance its ambitious sustainability goals.

“Sustainability is integrated into our business strategy, and we are confident the Carbon Neutrality Fund will help us advance our industry-leading climate goals, as we create value, and develop products and solutions that contribute to a better tomorrow.” said Jim Seward, executive vice president and chief innovation officer at LyondellBasell. “Chrysalix Venture Capital has an established track record of investing in new climate technologies and a strong focus on developing innovative solutions for hard-to-abate sectors, including chemicals.”

“We are pleased to welcome LyondellBasell and other leading international investors to the Carbon Neutrality Fund,” said Fred van Beuningen, Managing Partner at Chrysalix Venture Capital. “Working closely with our Limited Partners, the Fund will connect leading companies with outstanding entrepreneurs, linking market driven problems to innovative solutions while seizing the value creation opportunity of carbon neutrality. Technologies that support carbon neutrality offer a value creation and a new business opportunity, companies with a proactive carbon strategy will create long term sources of differentiation.”

In addition to Chrysalix, LyondellBasell has invested in Closed Loop Circular Plastics Fund, Infinity Recycling, and HX Venture. These venture capital funds are focused on accelerating the development of infrastructure and recycling technologies needed to address plastic waste challenges in North America, Europe, and Asia. These investments align with the company’s goal that for every dollar LyondellBasell invests in venture funds addressing critical sustainability challenges, the company helps catalyze another five dollars from co-investors.

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