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(Alliance News) - CRH PLC on Friday announced the creation of CRH Ventures, a new venture capital unit focused on the development of new technologies in construction.
The Dublin-based building materials company said CRH Ventures will have access to a USD250 million fund and will partner with construction and climate technology companies that operate across the construction value chain.
"CRH Ventures will focus on cutting-edge technologies at the core of the construction industry's changing landscape, investing in companies that are: developing the next generation of advanced sustainable building products and accelerating the industry's path to decarbonisation; expanding automation and off-site construction methods to build more efficiently and safely; leveraging digital technologies to build smarter; and increasing market efficiency and optimisation to deliver better value for customers," CRH said.
CRH Chief Executive Officer Albert Manifold said: "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."
CRH shares were 0.7% higher at 3,198.00 pence each on Friday morning in London. The company has a GBP23.72 billion market capitalisation.
By Tom Budszus, Alliance News reporter
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