---
title: "AP Ventures Portfolio: Companies, Funds and Investment Strategy"
description: "A sourced guide to AP Ventures’ 25 current and four realised holdings, fund history, investment strategy and facts that remain undisclosed."
date: 2026-10-28T12:29:30.000Z
source: https://venturecapitaltracker.com/ap-ventures-portfolio-companies-strategy
---

# AP Ventures Portfolio: Companies, Funds and Investment Strategy

> A sourced guide to AP Ventures’ 25 current and four realised holdings, fund history, investment strategy and facts that remain undisclosed.

[AP Ventures](/fund/ap-ventures) lists **25 current and four realised holdings** on its public portfolio page, checked October 28, 2026. The portfolio reaches beyond hydrogen: it includes wastewater treatment, carbon capture, recycled cement, fuel production and consumer soil products.

This guide distinguishes the manager’s portfolio labels from company operating status and individual fund allocations. The [new $300M Fund III close](/ap-ventures-300m-fund-iii-industrial-technology) is a separate event; it does not mean every company below belongs to that fund.

## What AP Ventures invests in

The firm’s [investment focus](https://apventures.com/our-focus) centres on industrial decarbonisation, with hydrogen production, storage, transport and end uses alongside carbon capture and utilisation. Its portfolio shows several routes to selling those technologies: equipment, industrial materials, engineering services, software and finished consumer products.

Those models have different customers and risks. An electrolyser maker sells hydrogen-production equipment. A fuel producer must also finance plants and secure feedstocks. A wastewater supplier must qualify its treatment process at a utility. A soil brand needs repeat retail purchases. Calling them all “climate tech” obscures the commercial work each must complete.

## The 25 current holdings

“Current” below is AP Ventures’ classification in its [public portfolio](https://apventures.com/portfolio), rather than a claim about ownership percentage, valuation or investment performance. Descriptions summarise the companies’ stated products.

| Company | What it develops or sells |
| --- | --- |
| [Aether Fuels](/startup/aether-fuels) | Waste-carbon conversion technology for sustainable liquid fuels |
| [Airhive](/startup/airhive) | Modular direct air capture and industrial CO2 supply |
| [Amogy](/startup/amogy) | Ammonia-to-hydrogen and onsite power systems |
| [Attributes](/startup/attributes) | Traceability software for energy provenance and emissions data |
| [CREW Carbon](/startup/crew-carbon) | Wastewater treatment with mineral-based carbon removal |
| [Fabrum](/startup/fabrum) | Cryogenic equipment and integrated liquid-hydrogen systems |
| [Fairbrics](/startup/fairbrics) | Carbon dioxide conversion into polyester materials |
| [Greyrock](/startup/greyrock) | Technology converting gas streams into liquid fuels |
| [Hazer Group](/startup/hazer-group) | Methane conversion into hydrogen and solid graphite |
| [HPNow](/startup/hpnow) | Onsite electrochemical hydrogen-peroxide generation |
| [Hydrogenious LOHC Technologies](/startup/hydrogenious-lohc-technologies) | Liquid organic carriers for hydrogen storage and transport |
| [Hypermotive](/startup/hypermotive) | Engineering and manufacturing for fuel cells and electric systems |
| [Hystar](/startup/hystar) | PEM electrolysers for hydrogen production |
| [Immaterial](/startup/immaterial) | Monolithic metal-organic frameworks for gas separation and storage |
| [Infinium](/startup/infinium) | Technology platforms spanning energy and digital infrastructure |
| [Lydian Labs](/startup/lydian-labs) | Modular plants converting carbon dioxide into synthetic fuels |
| [MatiTech Solutions](/startup/matitech-solutions) | Water-treatment technology and local deployment in Africa |
| [Mitico](/startup/mitico) | Sorbent-based capture of industrial carbon dioxide |
| [Noble Gas Systems](/startup/noble-gas-systems) | Conformable high-pressure gas-storage vessels |
| [Reclinker](/startup/reclinker) | Recycled cement made using electric arc furnaces |
| [Rosy Soil](/startup/rosy-soil) | Biochar-based, peat-free potting mixes |
| [Rubi Laboratories](/startup/rubi-laboratories) | Enzyme-based manufacturing of materials from carbon inputs |
| [Snowfox Discovery](/startup/snowfox-discovery) | Science-led exploration for natural hydrogen |
| [Teragen Energy](/startup/teragen-energy) | Solid oxide fuel cells for onsite electricity |
| [ZeroAvia](/startup/zeroavia) | Hydrogen-electric aerospace power and propulsion |

Reclinker’s former legal name was Cambridge Electric Cement Ltd, according to [Companies House](https://find-and-update.company-information.service.gov.uk/company/14263992). Its renamed identity should not be counted as a second company.

Infinium needs similar care in research: its current website describes both energy and digital-infrastructure platforms, while much of AP Ventures’ historical coverage concerns electrofuels. Matching a name alone is not enough to identify the right financing or business.

## The four realised holdings

| Company | What the label establishes |
| --- | --- |
| [Plug Power](/startup/plug-power) | AP Ventures marks the investment realised; Plug continues to market hydrogen systems and infrastructure. |
| [EH Group](/startup/eh-group) | Marked realised; its former website redirects to EH Energy branding. |
| [HyET Hydrogen](/startup/hyet-hydrogen) | Marked realised; its operating website describes hydrogen compression and purification. |
| [United Hydrogen](/startup/united-hydrogen) | Marked realised; Plug Power announced its acquisition in June 2020. |

A realised holding is an investor’s portfolio classification, not a synonym for shutdown. [Plug’s acquisition announcement](https://www.ir.plugpower.com/press-releases/news-details/2020/Plug-Power-Inc.-Completes-Acquisitions-of-United-Hydrogen-and-Giner-ELX-continuing-to-execute-on-its-five-year-plan-2020-6-23/) establishes United Hydrogen’s transaction. AP Ventures’ portfolio labels alone do not establish exit proceeds, ownership sold or returns.

## Fund history: commitments are not current AUM

The [Development Bank of Japan’s February 2024 announcement](https://www.dbj.jp/en/news/20240216_204659.html) dates AP Ventures’ establishment as an independent manager to 2018, following a spinout from Anglo American’s corporate venture activity. The team’s investment experience since 2013 is a different milestone.

In [June 2021](https://apventures.com/news/ap-ventures-closes-fund-ii-with-temasek-joining-as-limited-partner), AP Ventures announced **$316M of Fund II commitments** and **$395M of firm assets under management at that time**. Temasek joined as the twelfth limited partner. These are dated figures, not a statement of today’s assets.

The October 2026 Fund III announcement reports **$300M in commitments** and 13 portfolio companies following an initial close in 2024. Commitments are promises to supply capital. They are not the amount deployed, remaining dry powder or a valuation of the manager. Adding old AUM to the new close would not establish current AUM.

## Who backs the funds, and how large are its investments?

Fund II’s 2021 announcement names institutional and corporate backers, including Temasek, Mitsubishi Corporation, Anglo American Platinum and the Public Investment Corporation. These are fund investors, not automatically investors in every portfolio company.

DBJ separately announced an agreement to invest in Fund III in February 2024, without giving its commitment amount. The final-close release does not provide a complete named LP list or allocations. A named investor in an earlier fund should not be silently carried into Fund III.

The reviewed primary announcements do not disclose a standard first-cheque range, fees, carried interest or complete reserve policy. A startup’s entire financing round is not AP Ventures’ individual cheque. Founders should use the firm’s official channel to establish fit and terms.

## How to read the portfolio commercially

[CREW Carbon’s financing and utility contracts](/crew-carbon-funding-wastewater-economics) illustrate why the customer matters. Its headline $25M funding package includes $19M equity and $6M grants or other non-dilutive funding. Public utility documents make it possible to examine the operating relationship separately from carbon-credit claims.

[Rosy Soil’s product range](https://rosysoil.com/) offers a different model: people pay for potting mix. [Rubi’s materials platform](https://www.rubi.earth/) aims to sell industrial inputs; reported offtake term sheets are not recognised revenue. These businesses share an environmental theme, but not a common sales cycle or capital requirement.

For founders, the useful question is whether AP Ventures has relevant technical and customer knowledge. For readers assessing the portfolio, the stronger test is repeat paid adoption, dependable production and financing through scale-up. A portfolio logo proves a relationship; it does not answer those commercial questions.

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)

**Editorial note:** AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.