Hochtief’s US subsidiary Turner Construction is entering the venture capital business by investing in construction technology startups as a way of acquiring new capabilities.
The new unit, called Turner Ventures, will invest in “tangible solutions that have a measurable impact on our projects, our clients, and the environment”, the company said.
It will look for new companies with “groundbreaking ideas in AI, green energy, and digitalisation”.
“Our industry is evolving at an unprecedented pace, and this shift compels us to invest in solutions that foster a more sustainable future,” said Jim Barrett, Turner vice president and chief innovation officer.
He said the move would give its clients and partners “direct access to the next generation of promising technologies and tools”.
On climate, Turner will seek out young companies developing sustainable materials and ways of cutting emissions and improving energy efficiency.
For projects, it’s on the lookout for tools that digitalise workflows, eliminate inefficiencies, and boost collaboration.
Turner will offer mentorship and help startups test their inventions on its projects.
It will invest in inventions that show high potential.
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