AP Ventures has closed its third fund with US$300 million in commitments. The London-based independent venture capital firm backs early-stage industrial and energy technology companies. Since an initial close in 2024, Fund III has backed 13 portfolio companies.
Fund focus
Fund III targets low-carbon molecules, including hydrogen, across production, storage, transport, and end use. It also invests in carbon capture and utilization, circularity, and advanced recycling. Applications span chemicals, steel, aviation, and heavy mobility.
Firm background
AP Ventures began as a unit of Anglo American Platinum and became independent in 2018. The firm has offices in London, Johannesburg, and San Francisco. Its previous fund launched in June 2021 with US$316 million in commitments.
Portfolio examples
Portfolio companies include Teragen Energy, which develops fuel cells for on-site power at data centers. Aether Fuels converts industrial waste gases, biogas, and waste biomass into drop-in liquid fuels. Reclinker turns used cement into ordinary Portland cement through an electric arc furnace process.
Fund III is backed by sovereign wealth funds, corporates, pension funds, and family offices. AP Ventures works with founders through commercialization and industrial deployment. The firm invests initially at Seed and Series A stages.