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Both Companies Are Already Controlling Shareholders of Auren. This Time, the Union of Votorantim and CPP Results in the Creation of Floen
With the goal of investing in the energy transition through solutions, Votorantim and the Canadian pension fund CPP Investments (Canadian Pension Plan Investments) have come together to create a new energy company, Floen. Both companies are already shareholders of Auren, a result of the union of Votorantim Cimentos, Nexa Banco BV, Citrosuco, CCR, and others.
The goal of Votorantim’s new energy company will be to invest in companies that are dedicated to solutions for the energy transition, in order to contribute to the decarbonization of the atmosphere. The company’s name comes from the combination of the English words flow and energy, meaning energy that flows, and it will be led by Raphaella Gomes, an executive who has previously worked as the director of energy transition at Raízen and as CEO of Geo Biogás.
With the new partnership, Votorantim and CPP will each hold 50% of the total energy company, whose purpose is to invest in companies with proven solutions that also operate in the areas of energy storage, biofuels, green hydrogen, energy efficiency, carbon credits, carbon capture, among others.
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According to Ricardo Szlejf, head of infrastructure and sustainability at Votorantim: “We have investments of US$ 67 billion in green and energy transition assets worldwide. The goal is to reach US$ 130 billion.” So far, the fund has made no investments in the energy transition area in Latin America.
Smaller Team and Larger Structure for Energy Transition
The start of operations at Votorantim’s energy company will begin with a small team of only 8 people. In addition, Floen will leverage the structure and back office of Votorantim and CPP Investments, which has been working since February 2023 on creating a small Deal Flow of 17 energy companies.
In addition to investing, Floen may also create companies from scratch. According to the Floen executive: “The initial focus is to invest in things that already exist, but if there is a specific sector, we will analyze whether creating a ‘greenfield’ project makes sense.”
By 2031, the expectation is that the global energy transition sector will reach the level of US$ 5.6 trillion.
