Rockley Group has signed an agreement with the Shandong High-Tech Investment Corporation (SDHTIC) and the Shandong Academy of Sciences to raise a $100 million sustainable technology fund and work on a major new initiative to develop the enterprise environment in Shandong Province.

The partners have already committed 20% of the fund. Rockley has committed $10m and SDHTIC, which has already floated four companies, another $10m.

Rockley is finalizing the appointment of a prominent entrepreneur as CEO to lead the fund management team it has assembled in Jinan, Shandong.

Dr Andrew Rickman is the Founder and former CEO of Bookham Technology Inc, world No 2 in optical components, and chairman of venture backed companies in the UK, USA and China. His brother Robert is a director of listed and unlisted companies worldwide, and previously a director at specialist fund manager FIM Services Ltd.