Building materials group CRH has established a $250m venture capital unit to support the development of new construction technologies and innovations.
The Irish-founded company said CRH Ventures would partner with construction and climate technology companies and operate across the construction value chain.
The unit will specifically focus on "cutting-edge technologies" at the core of the construction industry's changing landscape.
It will invest in companies that are developing advanced sustainable building products, accelerating decarbonisation within the industry, expanding automation and off-site construction methods, leveraging digital technologies, and increasing market efficiency and optimisation.
“The launch of CRH Ventures demonstrates our continued commitment to investing in new technologies that will shape the built environment of tomorrow," said Albert Manifold, CEO of CRH.
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"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 is not actively pursuing investment opportunities and has already partnered with construction and climate technology start-ups in the areas of digitalisation and decarbonisation.
The Dublin and London-listed company reported a 13% increase in sales for the first nine months of the year in November, bringing in $24.4bn and EBITDA of $4.2bn, an annual increase of 14%, after implementing significant price increases.
CRH expects to report full-year earnings of $5.5bn, some $500m ahead of the $5bn made in 2021, and tax before profit ahead of last year's $3.1bn.
Photo: Pictured Chief Executive of CRH Albert Manifold at the CRH Annual General Meeting in the Royal Marine Hotel in Dun Laoghaire in 2018. (Pic: Sam Boal/RollingNews.ie)
