CRH on Friday announced the creation of a venture capital unit, CRH Ventures, which it says will have access to a $250 million (€235 million) innovation pot to invest in “cutting-edge technologies”.
The building materials giant said its new division will partner with construction and climate tech-focused companies “across the construction value chain”.
Its focus is on “cutting-edge technologies”, investing in businesses that are developing sustainable materials and “accelerating the industry’s path to decarbonisation”, CRH said in a statement.
The Dublin and London listed group said the unit, which is “actively pursuing investment opportunities,” is interested in company’s “expanding automation and off-site construction methods to build more efficiently and safely”.
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“The launch of CRH Ventures demonstrates our continued commitment to investing in new technologies that will shape the built environment of tomorrow,” said CRH chief executive Albert Manifold in a statement.
“CRH Ventures will serve as a valuable partner to start-ups and entrepreneurs that will benefit from the technical capabilities, knowledge and expertise of a global industry leader, to pilot and scale new technologies and innovations that will enable safer, smarter, and more sustainable construction.”
Last month, CRH said it is sticking to its $5.5 billion (€5.36 billion) full-year earnings forecast, even as its Europe Materials division has weakened in recent months as it grapples with higher energy prices and euro weakness against the dollar.
CRH’s share price has fallen more than 20 per cent in 2022 so far, amid concerns about the macroeconomic environment.
