Japan’s JERA to invest $300mln in green tech-focused start-ups

Japan’s JERA to invest $300mln in green tech-focused start-ups

Japan's top liquefied natural gas buyer JERA will invest $300 million in green technology-focused start-ups through a newly created in-house unit, it said on Friday, as part of the country's efforts to reach carbon neutrality by 2050. JERA, also Japan's biggest utility, would target start-ups which develop decarbonisation technologies including hydrogen, ammonia and other renewables, digital technologies as well as those focusing on women's health, it said in a statement. Venture capital funds which are linked to such start-ups would also be investment targets for JERA Ventures, the company said. Friday's announcement comes after JERA announced strategic collaboration agreement with ADNOC from the United Arab Emirates to cooperate in clean hydrogen and ammonia, following Japan Prime Minister Fumio Kishida's visit to the Middle East earlier this week. JERA has also signed a memorandum of understanding with Saudi Arabia's Public Investment Fund - which leads decarbonisation drive in the world's top oil producer - to explore development of green hydrogen projects and derivatives, it said on Thursday. (Reporting by Katya Golubkova; Editing by Nivedita Bhattacharjee)