PSA Peugeot Citroën has joined a consortium including rail operator SNCF, oil company Total and mobile phone operator Orange that plans to invest in innovative young companies developing sustainable solutions. 

The companies have created Ecomobilité Ventures, which they describe as Europe's first investment structure led by a group of industrial companies and dedicated to sustainable mobility.

The group is pledging EUR30m (US$41m) “to contribute to the emergence of a new mobility ecosystem that transcends traditional industry boundaries.”

The companies believe that combining the innovation capacity of vibrant young companies with their experience and expertise will foster the development of new, sustainable solutions.

Ecomobilité Ventures will acquire minority interests in European companies in the start-up or development stage and will support them over the long term. The segments targeted are sustainable mobility products, services and technologies and mobility-related clean technologies. 

To qualify for support, companies will have to demonstrate their ability to be profitable on a stand-alone basis as well as their potential to become leaders in their market segments.