Malaysia’s Petronas sets up VC arm

Malaysia’s state energy firm Petronas has set up a $350 million venture capital arm, Petronas Corporate Venture Capital, for industrial and energy investments. Petronas Corporate Venture Capital will invest in start-ups in advanced materials, speciality chemicals as well as those involved in the future of energy. The fund will act as a minority stakeholder in early-growth-stage companies and will look for investments in North America, Europe and the Asia-Pacific reform. In 2019, Petronas also acquired a Singapore-based solar energy company as part of a strategy to diversify into renewable energy.