E.ON has agreed to be an anchor investor for a £210 million independent climate tech fund launched by Future Energy Ventures.
The Future Energy Ventures Fund I SCA SICAV-RAIF aims to allocate capital towards sustainable investments, in accordance with Article 9 of the SFDR regulation. In doing so, it will target innovation hubs across Europe, North America and Israel.
The fund will have a total target size of around £210 million and is expected to hold its final closing in 2023. It will primarily focus on Series A and B investments in digital and scalable business models involved in the traditional energy value chain towards net zero.
“With 30 billion dollars of VC investments into climate tech companies in 2021 and 70% of the global economy committed to achieving net-zero, climate tech has become a primary investment strategy – and rightly so if we are to make any progress towards net zero carbon emissions by 2050,” said Jan Lozek, founder and managing partner of Future Energy Ventures.
“We are engaged in advanced discussions with a number of well-known strategic investors as well as institutional investors and family offices. With an expanded base of like-minded investors, we look forward to teaming up with exceptional entrepreneurs to further decarbonise energy and help build an energy system for future generations.”
The E.ON owned venture team established the Luxembourg-domiciled venture capital fund in order to capitalise on the growing interest surrounding the renewable energy sector. It will also aim situate the firm at the forefront of the energy transition and help allocate necessary investment to promote green growth in the energy sector.
“We need innovative technologies to transform the traditional energy value chain and build a net-zero economy,” says Thomas Birr, chief strategy and innovation officer at E.ON.
“In the last years, our venturing team proved to be the ideal partner to bring those technologies to E.ON. As an anchor investor of the new Future Energy Ventures Fund, we will continue the successful collaboration.”
Future Energy Ventures threw its weight behind Electric vehicle (EV) charging software firm ev.energy earlier this year by helping extend the firm’s Series A financing round to US$12.8 million (£9.6 million), with this led by AcTern Ventures.
The new investment was to be used to scale ev.energy’s platform to additional partners, as well as to build new capabilities and products that intelligently manage EV charging.