AP Ventures invest in technologies that tackle global challenges with a focus on developing high growth technology companies across the hydrogen value chain
AP Ventures supports companies in their commercialisation and scale up phase.
AP Ventures is an independent venture capital firm headquartered in London, United Kingdom, with its registered office at 45 Gresham Street, London, EC2V 7BG. Established in 2018, AP Ventures specialises in investing in advanced technology companies that drive decarbonisation, with a particular focus on the global hydrogen value chain, including hydrogen production, storage, transportation, and carbon capture technologies. With a multidisciplinary team and a global investment mandate, the firm actively supports early-stage companies that contribute to the transition toward sustainable energy and address key industrial challenges.
Mission: AP Ventures' mission is advancing and pioneering innovation in hydrogen and decarbonisation through strategic venture capital investments.
Goals:
Core Values:
AP Ventures was founded in July 2018 as an independent venture capital fund spun out of Anglo American Platinum’s successful PGM Investment Programme (operational since 2014). It launched with US $200 million in commitments, US $100 million each from cornerstone backers Anglo American Platinum (a global leader in platinum group metals) and South Africa’s Public Investment Corporation. Built on this foundation, the firm targets early-stage, technology-driven companies harnessing the unique performance of platinum group metals, such as fuel cells, hydrogen infrastructure, energy storage, and water treatment, with a global mandate to tackle decarbonisation and sustainability challenges.
Alexis Garavel Senior Investment Manager & Founding Partner
Andrew Hinkly Managing Partner & Founding Partner
AP Ventures focuses its investments on unlocking hydrogen’s potential in the global effort to decarbonise energy, supporting innovations across the entire hydrogen value chain. The firm targets versatile, zero-emission hydrogen technologies that are essential for reducing CO₂ emissions and driving the transition to sustainable energy. With increasing worldwide demand for cleaner solutions, AP Ventures leverages its deep expertise in electrochemical processes and catalysis to identify technologies with defensible advantages, strong supply chain positions, and significant scale-up potential. Beyond hydrogen, AP Ventures also invests in carbon capture and utilisation, recognising the powerful combination of green hydrogen and carbon capture to decarbonise hard-to-abate industries such as aviation and steelmaking.
AP Ventures operates with a global investment mandate, maintaining strategic offices in London, San Francisco, and Johannesburg to serve key markets across Europe, North America, and emerging regions. The firm's diversified portfolio spans multiple continents, including North American companies like Amogy and Altergy Systems, European ventures such as Hystar in Norway and Hydrogenious LOHC Technologies in Germany, and Asia-Pacific investments including Fabrum in New Zealand. The firm's global reach is reinforced by diverse Limited Partners from South Africa, Japan, Singapore, and Europe, while demonstrating particular commitment to emerging markets through local operations and strategic positioning to support decarbonisation technologies worldwide.
AP Ventures supports technologies that promote the decarbonisation of industry and transportation, concentrating on the hydrogen and carbon value chains. The firm backs early-stage clean technology and deep technology companies that are creating solutions for hard-to-abate sectors, including:
AP Ventures targets early-stage, highly differentiated technology companies with a global mandate that address the UN Sustainable Development Goals, focusing specifically on the hydrogen and carbon value chains. The firm generally invests at seed to Series A stage, seeking companies where technology demonstrates clear intent and momentum in transitioning from laboratory research to commercial deployment. Investment criteria require robust pilot plans, compelling data, and teams with strong chemistry and shared values, while the technology must have a realistic pathway to being commercially competitive without long-term reliance on subsidies. AP Ventures approaches investments from a deep understanding of electrochemical processes and catalysis, specifically targeting technologies with defensible advantages through materials used, their position in the supply chain, and significant scale-up potential.
The firm's investment strategy concentrates on companies developing technologies capable of sustainably solving global challenges such as renewable energy integration and resource scarcity, with particular emphasis on decarbonising transport and heavy industry through hydrogen applications and carbon capture utilisation. All portfolio companies must utilise or enable the use of technologies that span the entire hydrogen value chain from production to transportation and end-use applications, while demonstrating potential to contribute meaningfully to industrial decarbonisation efforts.
AP Ventures employs a comprehensive evaluation framework that combines rigorous technical assessment with deep market analysis to identify promising investment opportunities in hydrogen and decarbonisation technologies. The firm's technical due diligence process scrutinises three key aspects: the technology's scientific foundation must demonstrate clear advantages over existing solutions, the intellectual property position needs to provide defendable competitive barriers, and the scalability potential must support commercial deployment at meaningful scale. Market validation forms another critical pillar, where the investment team conducts extensive customer interviews to verify genuine market pull and willingness to pay, analysing the total addressable market size, competitive dynamics, and potential barriers to entry. The team places significant emphasis on evaluating the founding team's capabilities and track record, ensuring technical expertise is balanced with commercial acumen and the ability to execute, while cultural alignment with AP Ventures' hands-on investment approach is crucial.
Financial modeling considers multiple scenarios to understand capital efficiency and unit economics, going beyond traditional metrics to evaluate environmental and social impact potential as a key driver of long-term value creation. Risk assessment examines technology development hurdles, regulatory landscape, supply chain considerations, and execution challenges, with the firm leveraging its deep industry network to pressure-test assumptions and identify potential partnerships that could accelerate commercialisation. All investments must align with AP Ventures’ thesis of enabling industrial decarbonisation, seeking technologies that can demonstrate tangible impact metrics in carbon emissions reduction, water conservation, or improved resource efficiency.
Aether Fuels: Launched in 2022, economically converts waste carbon into liquid fuels. This technology helps industries such as aviation and ocean shipping move toward their net zero emissions goals. Visit Aether Fuels
Amogy: A New York-based start-up that has developed a compact system converting ammonia into hydrogen to power PEM fuel cells, creating carbon-free energy for mobile applications. Initially focused on drones, Amogy also sees potential in marine, off-road, and military markets. Visit Amogy
Hystar: Hystar, founded in Norway in November 2020, has developed a unique PEM electrolysis technology featuring a proprietary cell architecture. By enabling the use of a thinner membrane in the membrane-electrode-assembly, Hystar achieves significant improvements in hydrogen production performance, efficiency, and cost reduction. Visit Hystar
Infinium: Based in Sacramento, California and founded in November 2020, provides commercial-ready electrofuels that serve as net-zero carbon alternatives to traditional liquid fuels. Their Electrofuels™ can be used immediately in planes, ships, and trucks without infrastructure changes, offering a practical solution to decarbonise the transportation sector. Visit Infinium
ZeroAvia: Established in the USA, ZeroAvia is focused on decarbonising aviation by developing a zero-emissions powertrain that uses hydrogen-electric technology. This innovation aims to provide clean, sustainable propulsion for aircraft. Visit ZeroAvia
AP Ventures operates with a sophisticated funding structure backed by strategic and financial investors across three distinct funds. Fund I (2018) raised $200 million from Anglo American Platinum and South Africa's Public Investment Corporation, each contributing $100 million. Fund II expanded significantly with investors including Anglo American Platinum, Implats, Mitsubishi Corporation, Mirai Creation Fund II (Toyota-backed), Plastic Omnium, Sumitomo Corporation, Pavilion Capital, Equinor Ventures, Yara Growth Ventures, Nysnø Climate Investments, and Temasek. This diversified funding base provides capital and strategic access to global markets from investors with industrial footprints in energy, mining, and automotive sectors, all sharing interest in hydrogen value chain decarbonisation.
Stage: AP Ventures focuses on early-stage investments, specifically targeting seed to Series A stage companies. The firm provides capital to early-stage clean technology and deep technology companies developing solutions for hard-to-abate sectors. They invest in advanced technology companies from an early stage in their development and actively support portfolio companies through crucial commercialisation and scale-up phases.
Equity: AP Ventures operates as a traditional venture capital firm providing equity investments in portfolio companies. While specific equity stake percentages are not publicly disclosed, the firm's investment approach involves taking equity positions in early-stage companies across the hydrogen and carbon value chains.
AP Ventures has had a significant and growing impact on the global decarbonisation and clean technology landscape, particularly through its focus on hydrogen and carbon capture innovation. In 2024, the firm made notable investments in Airhive, a UK-based direct air capture company, and Aether Fuels, a US-based sustainable fuel company, expanding its portfolio of early-stage technologies addressing the UN Sustainable Development Goals. Several portfolio companies achieved major milestones: Amogy demonstrated its ammonia-powered tugboat in New York, Infinium launched the world’s first fully operational e-fuels facility, and FABRUM established Australia’s largest liquefied hydrogen plant. AP Ventures’ investments have supported the scale-up of hydrogen production, storage, and transportation technologies, as well as industrial decarbonisation solutions, reinforcing hydrogen’s “irreplaceable” role in reducing emissions from hard-to-abate sectors such as mining, transportation, and heavy industry. The firm’s commitment to impact-driven investment was further recognised by its 2025 inclusion in the Cleantech for UK coalition, where it plays a key role in accelerating the commercialisation of breakthrough clean technologies and shaping the future of the UK’s cleantech sector.
AP Ventures provides extensive community benefits beyond capital investment, creating a comprehensive ecosystem that connects portfolio companies to valuable networks and collaborative opportunities. The firm actively supports portfolio companies through commercialisation and scale-up phases, leveraging relationships with Limited Partners and the broader network cultivated since 2013. Portfolio companies benefit from AP Ventures' scaling experience and gain access to collective knowledge from the team and strategic investors with meaningful industrial footprints in energy, mining, and automotive sectors. This community approach includes industry engagement through events, conferences, and networking opportunities, fostering connections between innovators, investors, and strategic partners to unlock significant value-enhancing opportunities.
The AP Ventures team is composed of experienced professionals with deep expertise in hydrogen and carbon technology investments, private equity, and venture capital. Led by founding partners, the team brings decades of leadership experience from industries including automotive, mining, and finance. Senior investment managers and analysts contribute technical and sector-specific knowledge, with backgrounds spanning engineering, materials science, and climate technologies. The team also includes specialists in investor relations, finance, and legal functions, ensuring robust operational and compliance support. Venture partners and independent committee members add global perspective and strategic oversight. Collectively, AP Ventures' diverse and highly qualified team is dedicated to advancing investments that drive decarbonisation and sustainable innovation across multiple sectors.
Learn more about the team on the AP Ventures Team Page.
AP Ventures invests in four key sectors: Energy (hydrogen production and transport), Shipping (alternative fuels and powertrains), Steel and Chemicals (hydrogen and carbon capture for manufacturing), and Aviation (sustainable aviation fuels and low-carbon powertrains).
AP Ventures operates globally with offices in London, San Francisco, and South Africa. Their portfolio spans North America, Europe, and Asia-Pacific, with diverse Limited Partners from South Africa, Japan, Singapore, and Europe.
In 2024, AP Ventures invested in Airhive and Aether Fuels, while portfolio companies achieved major milestones including Amogy's tugboat demonstration, Infinium's operational e-fuels facility, and FABRUM's hydrogen plant. The firm joined the Cleantech for UK coalition in 2025.
The founding partners are Andrew Hinkly (Managing Partner) with 30+ years in mining, automotive, and venture capital, and Alexis Garavel (Senior Investment Manager) with management consulting and startup experience.
Fund I raised $200 million in 2018 from Anglo American Platinum and South Africa's Public Investment Corporation1. Fund II expanded with additional investors including Mitsubishi Corporation, Toyota-backed Mirai Creation Fund II, and Temasek.
Are you an ambitious scientist or tech founder working on breakthrough solutions in hydrogen, carbon capture, or industrial decarbonisation? Discover how AP Ventures can support your journey by visiting: AP Ventures Website.
Stay updated with the latest developments in hydrogen innovation, portfolio news, and opportunities to collaborate in the decarbonisation of industry and transport by following AP Ventures on LinkedIn: AP Ventures LinkedIn.
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