BBVA Invests in Climate Change Focused Private Equity Fund Lowercarbon with $20 Million
BBVA has announced a 20 million dollar investment in Lowercarbon Capital, one of the few venture capital funds specializing in innovative companies in the climate change and decarbonization fields. This investment will focus specifically on the carbon capture sector.
Lowercarbon's carbon capture fund invests in companies that develop technologies to reduce CO2 emissions, remove it from the atmosphere and cool the planet's temperature. The fund aims to accelerate the capture of billions of tons of CO2 via innovative technologies based on the widespread production of low-priced energy from renewable energy sources.
"We expect the number of companies offering solutions and new business models to help mitigate global warming to grow significantly in the coming years, and we are going to support them," explained Javier Rodríguez Soler, Head of Global Sustainability at BBVA.
"BBVA has identified decarbonization and 'green' technology as two of the priority areas for investment. Lowercarbon is the right partner to start investing in these areas," he added.
By doing so, BBVA seeks to help its customers not only by providing financing, but also by investing in companies that are revolutionizing this transition and driving innovation.
Lowercarbon, with headquarters in the United States, has a strong investment portfolio, mainly focused on four areas: energy, climate, mobility and agricultural technology. Some of these companies have achieved unicorn status (i.e., they are valued at more than $1 billion), such as the startups Commonwealth Fusion Systems and Solugen. This fund has a team with proven experience in venture capital investments, led by its founders, Chris and Crystal Sacca.
"Lowercarbon has been investing in carbon removal since our inception. Now, with demand multiplying and technology accelerating, we're doubling down. Having BBVA, one of the world's leading financial institutions, invest in this work is a testament to the scale of the opportunity", said Chris Sacca, co-founder and managing partner of Lowercarbon Capital.
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