Macquarie joins venture firm to target infrastructure

Bloomberg

Macquarie Group Ltd. is teaming up with a New York-based venture firm to spot the next big thing in energy and infrastructure innovation. The Australian bank will provide specialist knowledge and possibly financial backing for the project with R/GA Ventures, according to a statement.
Macquarie’s New York-based program will help develop so-called infratech companies, which typically feature technology and data that can prove disruptive to the energy and infrastructure sectors. Eligible projects include those focussed on energy storage and electric-vehicle charging networks. Applications will be accepted throughout the year starting this week.
“We’re not talking about doing a new technology out of the blue,” Michael Silverton, head of Macquarie Capital Americas, said in an interview.
“We’re trying to be at the forefront of infrastructure as the asset class evolves.” Few banks have pushed into earlier-stage technologies to date. Investec Plc, the South African bank that’s carved out a leading role financing US rooftop solar, last month hired a banker to oversee clean-tech deals in the Americas.