Climate Insider Brief:

• Toyota Ventures has launched its inaugural $150 million climate fund, comprising 18 sustainability-oriented ventures, including companies focused on carbon sequestration, battery solutions, and zero-emissions vehicles.
• This move aligns with Toyota’s commitment to supporting startups that address critical challenges in today’s rapidly evolving world, as highlighted by Gill Pratt, Toyota Motor Corporation’s chief scientist and CEO of the Toyota Research Institute.
• The firm has a global focus, having invested in over 75 startups across various sectors, including hydrogen solutions and renewable energy, spanning North America, Europe, the Middle East, and Asia-Pacific.

PRESS RELEASE – April 15, 2024 – The two new funds bring Toyota Ventures’ total assets under management to more than $800 million, according to the company. The firm has invested in over 75 startups in sectors, including hydrogen solutions to renewable energy, spread across North America, Europe, the Middle East and Asia-Pacific.

The firm’s inaugural climate fund portfolio comprises carbon sequestration company Brilliant Planet, battery solutions startups such as Relectrify and AM Batteries, zero-emissions vehicles and infrastructure platform Zeti, among 18 total sustainability-oriented ventures.

“It’s important … to collaborate with up-and-coming startups to take on the critical challenges we all face in a rapidly evolving world,” Gill Pratt, Toyota Motor Corporation’s chief scientist and CEO of the Toyota Research Institute, said in a press release. 

Pratt, who also serves as a board member at Toyota Ventures, said the new funding underscores the auto maker’s “dedication to supporting entrepreneurs who are pushing the boundaries of what’s possible.”

The news comes just a few months after Toyota disclosed a rise in its carbon footprint, according to the company’s December North America sustainability report. The car manufacturer’s scope 1 and scope 2 emissions saw an increase from levels recorded in 2022, despite emissions-curbing initiatives undertaken by the company.

Toyota said in the report that reducing carbon emissions across logistics activities, suppliers and dealers would be “difficult to meet” due to the lack of forecasted availability of fuel cells and electric powertrains for the trucking fleets.

SOURCE: ESG Dive 

Featured Image: Credit: Toyota