AP Ventures
AP Ventures is a London-based venture capital firm that backs the hydrogen economy and platinum-group-metals technology. Spun out of Anglo American Platinum in 2018, AP Ventures' decarbonization thesis reaches into water through electrochemical treatment and wastewater carbon removal, where it has backed 2 water companies across 3 deals. As of 2026 it manages around $395M.
Compiled by Antoine Walter, (don't) Waste Water, from official filings and direct intelligence in Leviathan.
The take
AP Ventures did not set out to be a water investor; it set out to back the metal in your catalytic converter. The firm spun out of Anglo American Platinum in 2018, built on a programme that had been investing in platinum-group-metals technology since 2014, and launched with $200M split evenly between Anglo American Platinum and South Africa's Public Investment Corporation. The thesis is simple: platinum and its sister metals are what make fuel cells, electrolysers and clean-hydrogen chemistry work, and water sits downstream of that chemistry.
Look at what AP Ventures actually funds in water and the pattern is chemistry, not pipes. HPNow generates hydrogen peroxide on site from nothing but water, air and electricity, cutting out the tanker trucks of disinfectant a treatment plant would otherwise buy in; CREW Carbon bolts reactors onto wastewater works to strip carbon dioxide out of the process. Two water companies across three deals, both early-stage, both betting that electrochemistry beats trucked-in chemicals and poured concrete.
AP Ventures has kept the same hands on the wheel. Andrew Hinkly and Kevin Eggers spun the fund out and still run it from London, now stewarding around $395M across twelve corporate and institutional backers, Anglo American Platinum and Mitsubishi Corporation among them. As AP Ventures stretches its decarbonization thesis further into carbon capture, the clearest read I have is this: its water bets will keep arriving sideways, through the molecule economy rather than a water mandate.
Water Commitment Score
Compiled from official filings, third-party records, and direct intelligence from investors and founders, in Leviathan · recomputed monthly · as of Jun 2026.
How they invest
Portfolio · 2 water companies
Invests alongside
Highlighted = profiled on (don't) Waste Water.
Frequently asked
- What does AP Ventures invest in?
- AP Ventures invests across the hydrogen economy and platinum-group-metals technology, backing companies in fuel cells, electrolysis, hydrogen infrastructure, energy storage and decarbonization. Water sits inside that thesis: AP Ventures funds electrochemical water treatment and wastewater-based carbon removal where the chemistry overlaps with its hydrogen and clean-molecule focus.
- Is AP Ventures a water-only fund?
- No. AP Ventures is a hydrogen and decarbonization venture fund, not a water-only investor. Its mandate centers on platinum-group-metals technology and the clean-hydrogen value chain, and water appears as a consequence of that chemistry, through 2 water companies across 3 deals rather than a dedicated water mandate.
- Who runs AP Ventures?
- AP Ventures was founded by Andrew Hinkly and Kevin Eggers, who spun the fund out of Anglo American Platinum in 2018 and still lead it from London as Founding Managing Partner and Founding Partner. Senior Investment Managers including Alexis Garavel and James Diaz-Sokoloff source and run its deals.
- Where is AP Ventures based?
- AP Ventures is based in London, United Kingdom. The firm was established in 2013 as Anglo American Platinum's metals investment programme and spun out as an independent venture fund in 2018, drawing capital from 12 corporate and institutional backers including Anglo American Platinum and Mitsubishi Corporation.
- What water companies has AP Ventures backed?
- AP Ventures has backed 2 water companies across 3 deals, according to (don't) Waste Water's tracking: HPNow, which generates hydrogen peroxide on site from water, air and electricity, and CREW Carbon, which removes carbon at wastewater treatment plants. (don't) Waste Water rates its water commitment Committed.