Daikin Invests in Breakthrough Energy Ventures’ New Fund to Accelerate Realization of Net-Zero Society

Brussels, 25^th April: Daikin Industries, Ltd., a leading global Heating, Ventilation, Air Conditioning & Refrigeration (HVAC&R) manufacturer and parent company of Daikin Europe N.V., announces its recent investment in Breakthrough Energy Ventures Select Fund I (BEV Select Fund I), a new venture capital fund managed by Breakthrough Energy Ventures (BEV). 

Under its current strategic management plan, “FUSION25”, Daikin has been actively promoting the widespread adoption of high-efficiency inverter air conditioners and heat pumps, alongside utilizing lower GWP (Global Warming Potential) refrigerant, R32. In parallel, Daikin is also bolstering efforts in new business areas related to reducing emissions and electricity requirements in an effort to achieve net-zero by 2050.

To ensure meeting that target, Daikin is taking on the challenge of developing vital carbon reduction technologies such as Direct Air Capture (DAC), Carbon Capture and Utilization (CCU), energy management, and power generation. In order to accelerate these developments further, Daikin will expand its climate tech research and collaborate more with startups at the forefront of these fields. This denotes the importance strategic partnerships like that with BEV.

“The key issue for us is how to integrate technologies such as DAC and CCU into our business to achieve net-zero by 2050. While there are already advanced technological and business initiatives, we believe that our strength in heat pumps can additionally contribute to achieving net-zero alongside collaboration with startups and technologies in these areas,” said Yuji Yoneda, Senior Executive Officer and General Manager of Daikin’s global Technology and Innovation Center.

BEV Select Fund I, in which Daikin has decided to invest, is a later-stage investment vehicle created to support climate tech companies that have overcome core technical hurdles and are either on the verge of commercial deployment or are already in the marketplace generating revenue.

“The world’s entrepreneurs and innovators have made incredible progress unlocking solutions to some of our toughest climate challenges over the past few years. Daikin’s investment is validation that by investing in innovation with entrepreneurial know-how and technical expertise, we can build a clean energy future,” said Carmichael Roberts, Managing Partner of BEV.

Daikin is committed to formulating initiatives that not only preserve but also improve the environment. This commitment is extended to advancing the development of innovative products and technologies aimed at fostering a more environmentally healthy world, collaborating with external partners.

BEV is a purpose-built investment firm that invests in, launches, and scales global companies that are building an emissions-free global economy. BEV seeks true breakthroughs and is committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market, and policy expertise. Backed by many of the world’s top business leaders, companies, and investors, BEV has raised more than $2.5 billion in committed capital and invested in more than 100 groundbreaking companies.

URL: https://breakthroughenergy.org/our-work/breakthrough-energy-ventures/