EIF invests €20 million in Berlin-based Vireo Ventures to hasten the electrification of energy infrastructures. The European Recovery Programme (ERP) of the German government and the REPowerEU-programme both endorse the EIF’s commitment.
To speed up the enlightenment of the energy sector, the Vireo Electrification Fund makes investment in early-stage start-ups that develop innovative technologies in the areas of energy supply, mobility, transportation, buildings, and industry. Vireo wants to invest in innovations that quicken the process of digitization and allow intelligent energy system control.
The fund is managed by Berlin-based Vireo Ventures. The five founding partners previously oversaw innogy Ventures, one of the largest European corporate venture funds in the energy sector. They all have complimentary backgrounds in the energy industry, entrepreneurship, and venture capital.
The Vireo Ventures team has invested in more than 80 start-ups in the energy and clean-tech sectors over time, reaping both financial and environmental rewards.
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 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.”
Mischa Wetzel, Managing Partner of Vireo Ventures, added: “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.”
About Vireo Ventures
We promote and fund early-stage businesses that are challenging the conventional ways that we produce, manage, and use energy. We think that in order to construct the infrastructure of the twenty-first century that will facilitate the way we live, move, and work, we need to find new ways to link the physical and digital worlds.
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Vireo Ventures is an expert at spotting most promising individuals, groups, and technologies very early on and helping them in achieving product-market fit and early success.