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TMC, SMBC, and SPARX Group Co., Ltd. Agree to Work toward Establishing New Fund for Pioneering Technologies(1/1)
Toyota Motor
Corporation
Sumitomo
Mitsui Banking Corporation
SPARX Group
Co., Ltd.
July 22, 2015
TMC, SMBC, and
SPARX Group Co., Ltd. Agree to Work toward Establishing New Fund for Pioneering
Technologies
Toyota Motor Corporation (TMC), Sumitomo
Mitsui Banking Corporation (SMBC), and SPARX Group Co., Ltd. (SPARX Group) have
signed a memorandum of understanding to consider the establishment of a new investment
fund aiming to encourage innovation and support the spread of advanced
technologies for future generations.
The
companies will work to outline specific details of the fund which, through
flexible, well-timed investments, will focus on supporting pioneering projects.
These projects will center upon the fields of intelligent technology, robotics,
and hydrogen-related technologies.
By establishing
this fund, TMC hopes to gain broad and timely access to valuable information
about future technologies and market trends, which can then be incorporated
into its business strategy. In addition, TMC intends to use the fund to facilitate
the spread of new values in the marketplace by supporting the establishment and
the growth of enterprises that possess innovative technology. SMBC hopes to
play a leading role in facilitating economic growth through the establishment
of a socially meaningful fund for developing next-generation technologies. The
fund should also help to boost its efforts to uncover and nurture promising
future enterprises. SPARX Group wants to further emphasize a long-term approach
to investment in future growth, and hopes to open up new fields as an
investment company to help build the society of the future.
All three
companies will now consider the details of the fund, including the scale of
capital investment, other potential investors, and investment targets. Their
aim will be to formally establish the fund around the autumn of 2015.