- AP Ventures has completed its third fund, a $300M fund, to invest in early-stage industrial and energy tech companies.
- Fund III has invested in 13 companies since its first close in 2024.
- The portfolio spans companies from fuel cells to recycled cement.
Andrew Hinkly went into VC after a career in the auto industry, serving on Ford’s North American executive committee and heading marketing at a platinum mining company. In 2013, his team began investing in hydrogen startups.
AP Ventures, which emerged from that initiative, closed its third fund at $300M in commitments from what the firm describes as a global group of institutional investors, including sovereign wealth funds, corporates, pension funds, and family offices.
The firm is based in London with offices in Johannesburg and San Francisco. Since its initial close in 2024, it has backed 13 companies.
“This final close reflects the confidence our existing and new investors place in AP Ventures’ ability to identify and support exceptional technology companies. Strong support from returning investors, alongside new institutional partners, allows us to keep backing the technologies industry needs to operate more productively and securely, from the materials it depends on to the processes and data that run it,” said Hinkly, AP Ventures’ founding managing partner.
How a platinum miner’s venture programme became a $300M fund
AP Ventures began as a unit of Anglo American Platinum, the world’s largest producer of platinum group metals. The rationale was commercial: fuel cells and electrolysis systems use PGMs as catalysts, so growing hydrogen start-ups would drive demand for the miner’s products.
The team became independent in 2018, with $200 million from Anglo American Platinum and the South African Public Investment Corporation.
Kevin Eggers, the other founder, joined Anglo American in 2008 and led its new ventures from 2014. In 2018, he described the unit as the only venture fund a major mining company currently runs.
Fund II launched in June 2021 at $316M, with Temasek joining as the 12th LP and taking the AUM to $395M; the portfolio includes Plug Power and Amogy. Since then, it has invested in ZeroAvia, a hydrogen-electric aviation company.
Fund III is $16M smaller, a fairly modest reduction given the sector’s rapid growth. Climate tech venture funding hit $26.1B in H1 2026, up 55% YoY according to ESG Today. Other funds are raising similar amounts: 2150 closed its $248 million second fund in January 2026, and German climate VC World Fund closed its first fund at €300 million.
Hydrogen is now one item on a list
Fund II focused heavily on the hydrogen economy. In contrast, Fund III now focuses on industrial productivity, supply security, and resilient energy systems, such as low-carbon molecules, carbon capture and use, circularity, and advanced recycling for the chemicals, steel, aviation, and heavy mobility sectors.
AP Ventures also points to rising power demand, tighter supply chains for key minerals, and the growing role of AI and automation in industry.
Data centre power is a prime example. Teragen Energy) develops metal-supported solid oxide fuel cells for on-site power at data centres and other critical infrastructure. In August 2026, they raised a $6M pre-seed round co-led by BEVC and Energy Capital Ventures, with AP Ventures also getting in.
Rystad Energy forecasts that fuel cell investment in the data centre space will grow from $2.8 billion in 2025 to around $30 billion by 2030. Teragen is entering a market currently led by Bloom Energy, with FuelCell Energy having a deal in place for up to 380MW.
Tech Funding News has also highlighted other clean power startups, including HyLight’s hydrogen airships and PowerUP Energy’s fuel cell generators.
Portfolio highlights and what’s next
So far, AP Ventures has led or co-led the following rounds: Aether Fuels’ $34 million Series A, Rosy Soil’s $5 million Series A, Reclinker‘s £10 million Series A, and Rubi’s $7.5 million Series A. AP Ventures also participated in rounds led by others at CREW Carbon, Lydian Labs and Teragen.
“We focus on backing technically differentiated companies that solve real operational problems across the industries and value chains in which we invest. Whether improving energy efficiency, resource productivity, safety, environmental performance or supply-chain resilience, this combination of technical rigour and commercial pull is what continues to define AP Ventures’ approach,” said Eggers, who led Anglo American’s venture unit prior to the spin-out.
AP Ventures entered hydrogen in 2013, and it is applying the same methodology to fuels, cement and textile fibres. Fund III will test whether that approach can work in other areas. The fund’s returns will depend on whether companies such as Teragen, Rubi and Reclinker can move from pilot to production before the next cohort of LPs reviews performance.
