LONDON, ENGLAND: AP Ventures is a venture capital fund manager that was initiated in July 2018 when Anglo American, the world’s largest platinum miner, contributed US$55 million in cash alongside six investments worth US$45 million and Public Investment Corporation contributed another US$100 million. Currently it is seeking investments to enter the fuel cell electric vehicles and renewable energy market due to the phasing out of fossil fuel usage by numerous countries as well as the rise in market demand. In particular, the company has a heightened interest in China as the country represents a large potential customer pool as well as a strong capability in reducing the cost of complex manufacturing through scale expansion. A benefit that is essential for the mass commercialisation of fuel cell vehicles. Furthermore, fuel cell vehicles have been highlighted as a key development area in Beijing’s “Made in China 2025” economic strategy and constitutes the nation’s new energy vehicles ambition. An ambition that has also spurred Chinese companies to enter the fuel cell vehicle industry through the acquisition of foreign technologies.
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