The petroleum producer has transferred its corporate VC portfolio to a unit called Total Carbon Neutrality Ventures that will invest up to $400m in the next five years.

France-based oil and gas supplier Total plans to invest up to $400m in carbon neutrality technology developers through an investment vehicle it launched today.

Total Carbon Neutrality Ventures (TCNV) will deploy the capital over a five-year period, targeting developers of technology or products that can help businesses cut their energy consumption or the intensity of their carbon emissions.

The unit will operate out of offices in Europe and the US, and its areas of interest include energy storage, smart energy and mobility products, bioplastics and recycling technology.

Patrick Pouyanné, Total’s chairman and chief executive, said: “The Total Carbon Neutrality Ventures fund will fully support Total’s ambition to become the responsible energy major. It will allow us to expand the reach of our low-carbon businesses beyond our own borders.”

The corporate already operated a corporate venturing unit that was formed as Total Energy Ventures before rebranding as Total Ventures. Its portfolio now appears to be under the supervision of TCNV while Total Ventures president Girish Nadkarni is now listed as TCNV’s chief executive.

Total’s existing portfolio includes on-demand ride provider Grab, energy storage system provider Stem, internet-of-things connectivity technology producer Sigfox and gas delivery service Booster Fuels.