AP Ventures closes $300M Fund III for early-stage industrial and energy technology

AP Ventures has closed its third fund at $300 million, from sovereign wealth funds, corporates, pension funds and family offices. Fund III invests in early-stage industrial and energy technology and has backed 13 companies since its first close in 2024. Its focus spans low-carbon molecules including hydrogen, carbon capture and utilisation, and circularity and advanced recycling, for sectors such as chemicals, steel, aviation and heavy mobility.

The London firm, with offices in Johannesburg and San Francisco, began as a venture unit of Anglo American Platinum and became independent in 2018. Andrew Hinkly is founding managing partner; Kevin Eggers is the other founder. Fund II launched in 2021 at $316 million, so Fund III is $16 million smaller.

Portfolio companies include Teragen Energy, which makes fuel cells for on-site data centre power, Aether Fuels and Reclinker.