Adobe, the venture fund of Mexican impact investing firm New Ventures, has exited its investment in NatGas Queretaro, New Ventures told ImpactAlpha.
NatGas helps taxis and buses in Mexico convert to natural gas, cutting 30 percent of CO2 (and fuel costs by half). Details on the exit were not disclosed.
NatGas was started in 2012; Adobe’s 2014 investment helped NatGas convert 2,500 vehicles and eliminate 150 tons of CO2.
Mexico has pledged to cut its greenhouse emissions by 22 percent by 2030. The transport sector — mostly cars — is responsible for close to 40 percent of emissions. Mexico City is investing $150 million into greening its own transit infrastructure.
Adobe aims to fill the “missing middle” gap in capital for Mexican small and growing businesses. It launched a second, $40 million mezzanine fund at the end of last year.