Electronic solutions company TDK Corporation announced the launch of EX1, a new climate tech-focused venture fund with $150 million in new capital by its subsidiary TDK Ventures.
Launched in 2019, TDK Ventures invests in startups to support innovation in areas typically underrepresented in venture capital portfolios including materials science, energy/power and related areas, with a vision to propel digital and energy transformations in segments such as health and wellness, next-generation transportation, robotics and industrial, mixed reality and the wider IoT/IIoT markets. EX1 is TDK Ventures third fund, and brings the firm’s assets under management to $350 million.
Nicolas Sauvage, President, TDK Ventures, said:
“Foundational improvements in materials science, advanced manufacturing, and scale-up are the key to translate innovations developed in academic laboratories towards commercial reality. Our commitment to early-stage innovative startups in climate tech is poised to help accelerate our world toward carbon neutrality.”
EX1, whose name denotes energy transformation, will target early-stage investments in energy, cleantech, and climate technology startups, focused on energy transition, electrification, and decarbonization, within the U.S. and Europe.
Noboru Saito, President and CEO of TDK Corporation, said:
“As the world strives to build a sustainable future for all, we must recognize the pivotal role that energy transformation needs play in our collective efforts. With this new funding, we are doubling down on our efforts to contribute toward innovations in electrification and decarbonization, as these two areas are helping to solve society’s toughest problems.”
In addition to marking TDK Ventures’ first foray into Europe, EX1 is also the firm’s first multi-LP fund. TDK’s Hong Kong-based lithium-ion rechargeable batteries specialist, Amperex Technology, will be a limited partner to the new fund.