The Nobel family of Sweden, known internationally for the Nobel Prize series of awards, as well as the billionaire co-founder of Hargreaves Lansdown, are now backing a new venture capital fund that will be investing in manufacturing and service companies based in Britain that are focused on on the production or use of “sustainable” technologies, according to recent reports.
This news, probably not coincidentally, follows closely on the announcements from the UK government concerning plans to increase investment (both public and private) in the sector by some £20 billion in coming years.
The new venture capital fund, appropriately named “The Nobel Sustainability Growth Fund,” is essentially a partnership between Sustainable Technology Investors Ltd (STIL) and the Nobel Sustainability Trust (NST) — the NST being a trust founded by the Nobel family as a response to growing concerns about anthropogenic climate change.
The deal, apparently, is for the NST to get a slice of profits for the use of its prestigious name.
“Initial backing of £10 million ($13.3 million) will be provided by SET3, the investment group founded by Gordon Power and Stephen Lansdown, and Monaco’s sovereign wealth fund. The fund aims to grow to £100 million and make 10–12 investments of between £3 and £10 million,” Reuters reports.
“The UK continues to offer a strong pipeline of investments post Brexit,” was the comment provided by STIL managing partner Jim Totty.
Further funds will reportedly follow, focused on a number of different sectors, including clean energy and “resources efficiency” (presumably, that means cutting waste in various sectors and improving recycling — “cradle-to-cradle” sort of stuff).