The new fund has a size of up to €60 million and invests in early-stage startups that develop new technologies in the areas of energy supply, mobility, transport, buildings and industry to accelerate the electrification of the energy sector. It prioritises technologies that accelerate digitalisation and intelligent monitoring and managing energy systems.
The EIF's investment is backed by the REPowerEU programme, as well as by the European Recovery Programme (ERP) of the German government.
Among the first startups supported by the Fund are:
- Amperecloud, a startup that can manage the entire portfolios of owners and operators of renewable energy plants on one platform,
- Green Fusion, a company that provides AI-enabled heating management for multi-family buildings,
- Pionix, an open-source software provider enabling the management of charging stations for electric cars, and
- About:Energy, a battery modelling software solution enabling better decision-making around battery selection, design, and supply for OEMs.
Vireo Ventures, based in Berlin, manages the fund. The five founding partners previously ran innogy Ventures, one of the largest European corporate venture funds in the energy space.
Over the years, the Vireo Ventures team has invested in more than 80 energy and clean-tech startups, generating both financial and environmental returns.
The European Investment Fund (EIF) is part of the European Investment Bank Group.
It supports Europe's micro, small and medium-sized enterprises (SMEs) by helping them to access finance. It contributes to pursuing key EU policy objectives such as competitiveness and growth, innovation and digitalisation, social impact, skills and human capital, climate action and environmental sustainability.
Marjut Falkstedt, Chief Executive of the EIF, said:
"Electrification has become the area of very important technological developments, and its importance will only continue to grow in the next decade.
This opens significant potential for profitable investments and adds a powerful tool in the arsenal to tackle so many of the problems we are facing in decarbonising the electricity sector.
That's why, at the EIF, we are proud to support advanced technology investors like Vireo Ventures to further boost European capabilities in the energy sector."
Mischa Wetzel, Managing Partner of Vireo Ventures, added:
"We firmly believe that electrification is the most important measure for mastering the global net zero path and achieving the Paris climate targets.
We are delighted about EIF joining us on our mission to nurture the European energy-tech innovation landscape and are looking forward to a long and impactful partnership."
Lead image: Vireo Ventures. Photo: Uncredited.