A strategic partnership to develop smart energy technology businesses in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) has been announced.
The move follows CLP Group (CLP), one of the largest investor-owned power businesses in Asia Pacific, acquiring a 5 per cent stake in Venturous Group, an investor, business builder and operator of smart citytech infrastructure companies in China.
Business development opportunities
As part of the collaboration, CLP and Venturous will explore business development opportunities and potential investments in smart energy technologies in the Greater Bay Area, a region including Hong Kong, Macau and nine cities in the southern Guangdong province, with combined gross domestic product equal to more than one tenth of China’s economy.
According to the partners, the collaboration combines the capabilities of CLP and Venturous in low-carbon energy and digitalisation to meet growing demand for sustainable energy solutions in the fast-growing region.
While China emits more than one quarter of the world’s greenhouse gases, the central government claims it is determined to make the country carbon neutral by 2060, acknowledging that technology will play a key role for decarbonisation.
“With CLP’s longstanding commitment to address climate change, and continued efforts to support the energy transition in Hong Kong and Mainland China, having the right technologies and partnerships is essential,” said David Simmonds, chief strategy, sustainability, and governance officer at CLP Holdings.
“We are pleased to work with a strong partner like Venturous to pursue opportunities in smart energy which offers excellent potential in the long term.”
CLP became the lead investor in Venturous’ Series B funding round, which has so far attracted more than US$20m. Venturous completed its previous series A funding round in March 2021, raising $131m. With the further funding, the companies report this will quicken the pace for the partnership to realise decarbonisation opportunities in the region.
“It is a true honour to have secured CLP as our series B lead investor and to form a strategic partnership with [it],” added Benson Tam, founder and chief executive officer of Venturous Group.
“We both share a focus and passion to be leaders of the smart energy technology revolution and the opportunities that are emerging. Smart energy is one of Venturous’ core citytech verticals, and will be absolutely crucial in making cities more sustainable and move the world towards a decarbonised future.”
The CLP Group is one of the largest investor-owned power businesses in Asia Pacific with investments across Hong Kong, Mainland China, Australia, India, Southeast Asia and Taiwan.
Hong Kong-listed CLP Holdings is the holding company for the CLP Group, which has a diversified portfolio of generating assets that uses a wide range of fuels including coal, gas, nuclear and renewable sources.
Through CLP Power Hong Kong, the group operates a vertically integrated electricity supply business that provides a highly reliable supply of electricity to four-fifths of Hong Kong’s population.
Smart city economies
Venturous Group claims it is China’s first citytech group – “powering smart city economies”, it is an investor, business builder and operator of smart citytech infrastructure companies.
Its mission is to leverage the latest ‘deep’ citytech, strategic partnerships and digital transformation to make cities more liveable, sustainable and productive in China and beyond.
Source: News published by SmartCitiesWorld on 26 August 2022