EIF commits €20M to Vireo Ventures for investment in energy startups and electrification of energy systems

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The European Investment Fund (EIF) announced that it has dedicated €20M to the Vireo Electrification Fund I. Vireo Ventures, which manages the fund, targets early-stage asset-light technologies enabling the digitalisation and electrification of energy systems.

The Vireo Electrification Fund invests in early-stage startups that develop new technologies in energy supply, buildings, mobility, transport, and industry sectors to boost the electrification of the energy centre. Vireo aims to invest in technologies capable of accelerating digitalisation and intelligent energy systems monitoring and managing.

The new fund has a size of up to €60M, with EIF’s investment supported by the REPowerEU programme and the German government’s European Recovery Programme (ERP). 

The first startups covered by the fund include Amperecloud, Green Fusion, Pionix, and About:Energy. These startups rely on green solutions for implementing environmentally friendly businesses in their respective industries.

Importance of electrification in the future

Executives from both EIF and Vireo Ventures have explained how electrification has become inseparable from the technological developments in upcoming years.

Marjut Falkstedt, Chief Executive of the EIF, says, “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 decarbonizing 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.”

- A message from our partner -

Mischa Wetzel, Managing Partner of Vireo Ventures, says, “We firmly believe that electrification is the most important measure for mastering the path to global net-zero and for achieving the Paris climate targets. That is why we fund start-ups contributing to this energy transition across the whole electrification value chain, from generation of renewable energy to grids and storage, to applications in the electrification of transport and mobility, real estate, and industrial processes.”

“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,” adds Wetzel.

About Vireo Ventures

Vireo Ventures’ history can be traced to Innogy Ventures, one of the largest European corporate venture funds in the energy sector. The five founding partners then continued their venture in Vireo Ventures, where they have invested in more than 80 energy- and clean-tech startups to generate financial and environmental returns.

The team started Vireo Ventures after fully recognising the significant impact of the energy sector, constituting over 70 per cent of all CO2 emissions. Vireo Ventures started as an angel investing platform for energy tech before eventually evolving into a fund management firm.

Vireo Ventures specialises in identifying the most promising teams and technologies at an early stage to support their way to product-market fit and initial growth. Such expertise is based on a clear focus on seed-stage companies.

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