Founded by Dr. Fred Hu, a former Goldman Sachs executive, the investment fund is following China's sustainability push.
In 2010, Dr. Fred Hu, a former partner and chairman of Greater China at Goldman Sachs, founded Primavera Capital in Hong Kong. Over the last decade, Primavera Capital invested in Alibaba (BABA:NYSE), Xpeng (XPEV:NYSE), among other businesses in China.
On October 21, 2021, Primavera Capital announced a USD 600 million investment in Envision Energy and Envision AESC, whose parent company, Envision Group, was ranked second in Fortune Change the World List.
Envision Energy is a sustainable energy company focusing on wind turbine building and wind farm development. It has a 'green' footprint globally, spanning China, Mexico, Vietnam and some other countries and regions.
Envision AESC, a former Japanese EV battery company, later acquired by the Envision Group, has been growing its technological prowess since 2007. In 2010, its electric and lithium-ion batteries were massively produced and installed in Nissan FUGA Hybrid and Nissan LEAF. Since then, AESC has received two international awards and one accreditation from IATF.
Dr. Hu highly commended Envision's achievements: "Primavera Capital fully acknowledged what Envision is capable of in fields of innovation and manufacturing. We would certainly have more in-depth co-operation with Envision Group. Together, Primavera and Envision shall contribute to solving the global environment, and energy challenges."