DBJ to Invest in AP Ventures Fund III LP

Development Bank of Japan Inc. ("DBJ") has agreed to invest in AP Ventures Fund III LP ("the Fund"). The Fund is managed by AP Ventures LLP ("APV"), a firm headquartered in London, United Kingdom, and led by Managing Partner Andrew Hinkly.

APV is a leading independent venture capital fund manager across the hydrogen value chain that was established in 2018 as a spin out from the corporate venture capital of Anglo American PLC, an international mining company. Through substantial investments in hydrogen-focused technology, mainly across Europe and the United States, APV is recognized as a frontrunner in the industry. The Fund is APV's third fund and targets startups with highly differentiated technologies that have the potential to unlock the hydrogen value chain, driving worldwide decarbonization.

Hydrogen is positioned as a core energy source to achieve carbon neutrality. Under Japan's Basic Hydrogen Strategy, while satisfying S+3E*1 criteria, hydrogen is anticipated to play a pivotal role in the realization of the country's Green Transformation*2 initiatives. The realization of a hydrogen society necessitates technological advancement in addition to infrastructure development.

Since the hydrogen industry's inception, DBJ has contributed to policy making through multiple government councils and has provided hydrogen-related investments. Leveraging DBJ's supply of risk capital and facilitating connections between Japanese corporations and hydrogen-focused portfolio companies backed by the Fund, DBJ will accelerate the realization of a hydrogen society, ultimately leading to carbon neutrality.

DBJ will support our clients' efforts to achieve carbon neutrality in Japan in accordance with our corporate philosophy, "Design the future with financial expertise: Continue to expand financial frontiers; Provide the best solutions for customers and society; Pursue sustainable development for Japan and the world."

*1 S+3E stands for safety, energy security, economic efficiency, and environment, which are fundamental elements of Japan's energy policy objectives.

*2 Green Transformation means transition from the coal, oil and other fossil-fuel-centered industrial and social structure to a clean-energy-centered one (i.e., with no CO2 emissions), as defined by the Ministry of Economy, Trade and Industry.

Corporate Finance Department, Division 5
Telephone: +81-3-3244-1620

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