Updated:
Air Liquide Ventures
Air Liquide Ventures is the corporate venture capital arm of Air Liquide S.A., investing in ClimateTech and Industrial Tech startups from Series A onward.
Air Liquide Ventures
Air Liquide Ventures launched in 2017 as the corporate venture capital arm of Air Liquide S.A., the French industrial gas supplier with roots dating to 1902. The firm operates with a mandate to identify and invest in technologies that align with Air Liquide's core business—gas separation, hydrogen, and industrial efficiency—while generating strategic returns for the parent company. The investment strategy targets Series A and B rounds across ClimateTech, Industrial Tech, and Energy Transition verticals. The portfolio includes companies like Hydrogenious LOHC Technologies (liquid organic hydrogen carriers), Carbon Clean (carbon capture), and Divigas (hydrogen fueling). Geographic coverage spans North America, Europe, and Asia, with investment leads in the US, France, and South Korea. Air Liquide Ventures maintains approximately five investment professionals across offices in Santa Clara, Paris, Santa Fe, and Seoul. The firm typically commits $2M–$10M per deal, often as a lead or co-lead investor, and frequently negotiates commercial partnerships alongside equity stakes. In 2023, the firm participated in a $30M Series B for carbon capture firm Carbon Clean (per Carbon Clean, 2023). What distinguishes Air Liquide Ventures from many corporate VCs is its dual mandate: it acts as both a strategic investor for Air Liquide's technology roadmap and a financial investor seeking market-rate returns. The firm's close integration with Air Liquide's R&D and business units allows portfolio companies to access pilot customers, industrial scale, and global distribution channels—an architecture more akin to a corporate venture studio than a typical CVC fund.
General information
Firm type
Corporate Venture Capital
Year founded
2017
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Santa Clara
Corporate office
Santa Clara, CA, United States
Additional offices
Paris, France · Seoul, South Korea · Santa Fe, NM, United States
Principals
Patrick Alba
Managing Director
Michael P. Leuchtenberger
Investment Director
Sector focus
Frequently asked questions
Who runs investment decisions at Air Liquide Ventures?
Managing Director Patrick Alba leads the firm's investment team. He is supported by Investment Director Michael P. Leuchtenberger and a small team of professionals based in Santa Clara, Paris, Santa Fe, and Seoul (public record).
How does Air Liquide Ventures source proprietary deal flow?
The firm leverages Air Liquide S.A.'s global industrial network—spanning over 78 countries—to identify startups that can benefit from commercial partnerships or pilot programs. Many deals originate from inside Air Liquide's R&D division or from industry conferences where startups present solutions relevant to hydrogen, carbon capture, and gas separation (public record).
Is Air Liquide Ventures structured as a traditional venture fund or a corporate VC?
It operates as a corporate venture capital (CVC) arm wholly owned by Air Liquide S.A. Unlike a typical venture firm, its investment decisions are influenced by strategic alignment with the parent company's industrial goals, though it also targets financial returns (public record).
What investment stages does Air Liquide Ventures typically target?
The firm focuses on early-stage growth companies, typically Series A and B rounds. It commits between $2 million and $10 million per deal, often as a lead or co-lead investor (public record).
Which sectors does Air Liquide Ventures explicitly avoid?
The firm does not invest in consumer software, fintech, healthcare, or non-industrial technologies. Its mandate centers on deep tech that can be commercialized in industrial settings, particularly hydrogen, carbon management, and advanced manufacturing (public record).
Does Air Liquide Ventures participate in fund commitments or only direct deals?
The firm primarily makes direct equity investments in startups. It does not act as a fund-of-funds or commit capital to external venture funds (public record).
What is Air Liquide Ventures' known posture on co-investments alongside external GPs?
The firm regularly co-invests with other corporate VCs and traditional venture firms. Notable co-investors have included Chevron Technology Ventures, Samsung Venture Investment Corporation, and other industrial CVCs (per Carbon Clean, 2023).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: