Evonik
Evonik Venture Capital is the corporate venture arm of Evonik, the German specialty-chemicals group. It backs startups whose technology sits close to Evonik's own chemistry, off a fund of around 400 million euros. In water it is an occasional investor: the Leviathan database tracks one water company, the on-site hydrogen-peroxide maker HPNow, across two early-stage rounds.
Compiled by Antoine Walter, (don't) Waste Water, from official filings and direct intelligence in Leviathan.
The take
Evonik Venture Capital is the in-house investor of Evonik, a German specialty-chemicals group with around 32,000 staff and a presence in more than 100 countries. Launched in 2012, it is a corporate venture capital arm, which simply means it backs startups off the parent company's balance sheet rather than pooling money from outside investors the way an independent fund does. Its brief is to find young companies whose technology sits close to Evonik's own chemistry and could one day feed back into it.
Evonik's water story runs through a single molecule: hydrogen peroxide. Evonik is one of the world's largest producers of it, and its one tracked water bet, the Danish startup HPNow, has built a box that makes hydrogen peroxide on the spot from nothing but water, air and electricity. That turns a chemical Evonik usually ships by the tanker into something a treatment plant can brew on site for disinfection and advanced oxidation. The investment is less a leap into water than an extension of the chemistry Evonik already sells.
In the deals I track for the Leviathan database, Evonik Venture Capital reads as an occasional water investor rather than a dedicated one: one water company, two early-stage rounds, and never the lead cheque. The more interesting signal is structural. Evonik has carved out a 150 million euro Sustainability Tech Fund aimed at carbon-neutral and circular technologies, and water keeps drifting into that orbit, so the next water bet, if it comes, is likeliest to arrive through the sustainability door rather than the chemicals one.
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 · 1 water companies
Invests alongside
Highlighted = profiled on (don't) Waste Water.
Frequently asked
- What does Evonik Venture Capital invest in?
- Evonik Venture Capital backs startups whose technology sits close to its parent's specialty chemicals, spanning sustainability, health, nutrition, smart materials and digital tools. It writes early to growth-stage cheques of up to about 15 million euros. In water specifically, the Leviathan database tracks a single position, the on-site hydrogen-peroxide company HPNow.
- Is Evonik Venture Capital a venture capital fund?
- Evonik Venture Capital is a corporate venture arm, not an independent fund. It invests Evonik's own money rather than capital pooled from outside investors, which is what corporate venture capital means. Since 2012 it has made more than 50 investments off a fund of around 400 million euros.
- Who runs Evonik Venture Capital?
- Evonik Venture Capital is led by Dr. Bernhard Mohr, its Managing Director, who set up the unit in 2012. Its investment team is spread across Germany, the United States and China, with managers including Jennifer Al-Rashid for the Sustainability Tech Fund and Tom Gwinn in Silicon Valley.
- Why did Evonik invest in HPNow?
- Evonik invested in HPNow because the Danish startup makes hydrogen peroxide on site from water, air and electricity, and Evonik is itself one of the world's largest hydrogen-peroxide producers. HPNow's technology suits municipal water treatment, industrial wastewater and agriculture, extending a chemical Evonik already sells into new, distributed uses.
- Is Evonik Venture Capital the same as Evonik the chemicals company?
- Evonik Venture Capital is the in-house investment arm of Evonik Industries, the German specialty-chemicals group, not a separate company. The parent makes and sells chemicals across more than 100 countries; the venture arm backs startups on its behalf. The (don't) Waste Water directory tracks the venture arm's water investments.