Sinopec, China’s state-owned oil and gas giant, has launched a hydrogen energy-focused venture capital fund with an initial investment of $690 million, the company said in a statement quoted by Reuters.

As the largest fund in China devoted to hydrogen investment, it will focus on early-stage ventures and the development of critical materials, essential equipment, and high-potential proprietary technologies across the hydrogen value chain.

The fund is a subsidiary of Sinopec Capital Co., with external partners such as Shandong New Growth Drivers Fund Management Co. and Yantai Guofeng Investment Holding Group Co., according to Reuters.

Sinopec has acquired equity stakes in 13 companies within the hydrogen energy value chain and has established 11 hydrogen supply centers for fuel cells, along with 144 hydrogen refuelling stations across China.