German energy company E.ON has launched a new fund and “venture capital platform”, Future Energy Ventures, with a portfolio already valued at €250 million.
Led by Ines Bergmann-Nolting and Jan Lozek, the fund invests in digital technologies and business models aiding the transition to clean energy. Specifically, the fund focuses on scalable and asset-light businesses, seeking funding at Series A and beyond, that have shown evidence of a product-market-fit.
The launch follows a few months after the global energy company bought innogy, a fellow German energy provider that had previously held the largest market cap in the country. By acquiring Innogy’s networks and retail activities, Reuters reports, E.ON gained 51.5 million clients and a regulated asset base of €33.2 billion across Europe, the most on the continent.
Now, the portfolio of Future Energy Ventures consists of startups that E.ON and Innogy had previously, separately, invested in. These include Bidgely, Holobuilder, Intertrust, Thermondo and T-Rex.
In a press release, the team stressed that the fund is only part of a larger “institutionalised collaboration platform” that also offers mentorship and collaboration with other organisations. Managing director Bergmann-Nolting said, “We aim to facilitate and support pilots and use case roll-outs within E.ON and across our ecosystem of partners.”
The platform will officially launch this afternoon at 3:30pm CET.