Solvay (Brussels / Belgium; www.solvay.com) is investing in a Korean venture capital fund that will back start-up companies with promising technologies in advanced materials. The Korea Advanced Materials Fund will focus on printed electronics, renewable energy, clean technologies and green chemistry, the Belgian company said. Solvay and two Korean companies, Korea Venture Investment Corp (KVIC) and AJU IB Investment, will invest a total of EUR 26m in the fund.

Solvay will contribute EUR 13m, while the Korean companies will each contribute EUR 6.5m. Leopold Demiddeleer, senior executive vice president for future businesses at Solvay, said Solvay will bring its industrial knowhow and its global business network to the fund, helping to accelerate the expansion of portfolio companies. “This participation is in line with our approach to set up partnerships and take stakes in consortia with promising start-ups and research organisations, and allows us to extend our reach to promising Korean technology start-ups,” he added. AJU IB Investment will manage the Korea Advanced Materials Fund, which is expected to have an eight year duration.

Last month, Solvay said it was investing USD 4m in a minority stake in Polyera Corp (Skokie, Illinois / USA; www.polyera.com), a developer of materials for the printed electronics industry – see Plasteurope.com of 09.09.2010.