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| - Idemitsu Kosan Co.,Ltd. (Headquarters: Tokyo, Japan), has decided to invest in an open innovation evergreen fund, managed by Emerald Technology Ventures, a Swiss clean technology-focused venture capital organization (Headquarters: Zurich, Switzerland). In addition, Idemitsu has decided to establish a new open innovation promotion base in Switzerland. For new business creation, Idemitsu strengthens its efforts to accelerate innovations with start-up companies, not only in Japan, but around the world. This press release features multimedia. View the full release here: The Emerald fund portfolio focuses on industrial innovations in both material chemistry and clean technologies that can help resolve social issues with improvements to energy efficiencies and reductions in carbon dioxide levels. Idemitsu's investment in this evergreen fund and the creation of a partnership with Emerald will realize new synergies that play on Emerald's technological expertise and market insight, as well as Emerald's access to start-up companies in North America, Europe and Israel, together with Idemitsu's existing technologies and cultivated business networks. Those synergies will in turn lead to the creation of a resilient business portfolio that can flexibly and tenaciously respond to changes in business conditions by incorporating technological innovations from start-up companies. To further accelerate global open innovations, Idemitsu also plans to establish a European open innovation promotion base in the Swiss canton of Basel-Stadt. "To resolve the priority themes in our Medium-term Management Plan*, we not only pursue maximal synergies with technologies that are related to those our corporate group has already developed, but will also stress the promotion of open innovations that build on external technologies and ideas," said Hajime Nakamoto, Managing Executive Officer in Innovation Strategy Planning, Electronic Materials Business, Agri-Bio Business, Lithium Battery Material, Intellectual Property, and Research at Idemitsu. "This investment and the establishment of overseas bases are momentous steps forward for us. Though implementation of open innovation is a long-term objective, we, especially our young employees, drive ourselves forward to laying the foundations early." Idemitsu is taking on the challenge of creating new values through the promotion of global open innovation. Notes: * Idemitsu's Medium-term Management Plan (FY2020-2022) -0- *T [Overview of Idemitsu Kosan Co.,Ltd.] Company Name Idemitsu Kosan Co.,Ltd. Business Description Sustainable supply of various forms of energy and materials Website www.idemitsu.com/index.html*T -0- *T [Overview of Emerald Technology Ventures] Company Name Emerald Technology Ventures Business Description Open Innovation Venture Capital Website www.emerald-ventures.com*T View source version on businesswire.com: Contact Public Relations Section, Idemitsu Kosan Co., Ltd. Yuuka Sakata (Ms.) yuka.sakata.1070@idss.co.jp © 2020 Business Wire, Inc. Disclaimer: This material is not an AFP editorial material, and AFP shall not bear responsibility for the accuracy of its content. In case you have any questions about the content, kindly refer to the contact person/entity mentioned in the text of the release.
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