SET Ventures has raised €100 million in its most recent funding round, which it will use to invest in early stage energy companies throughout Europe.
This was the result of the energy transition venture capital firm's SET Fund III fundraising round, well exceeding the targeted €75 million. It will now look to invest in companies that focus on effective balancing of intermittent renewable generation, smart energy distribution and storage, as well as promoting efficient energy use in general.
René Savelsberg, managing partner at SET Ventures said they were “delighted to welcome all of our new investors".
“Reaching the hard cap of €100 million confirms the trust in our entire team and the dedication to make the energy system transition a reality”.
SET Ventures has previously supported companies like Munich-based sonnen, and UK- based Limejump, both of which have been subsequently acquired by Shell. sonnen, a battery storage manufacturer was acquired by the major for an undisclosed sum in February 2019, just a few weeks before it acquired energy tech firm Limejump.
As part of SET Fund III, SET Ventures has already made investments in DEPsys, a Swiss company focused on energy efficiency, Minibems, an IoT and smart heating company based in the UK, and FlexiDAO, a Dutch software provider. SET Ventures says that more investments will be announced soon.
Managing partner Wouter Jonk added: “The energy sector is going through a major transition as the trend towards renewable generation and electrification of many sectors accelerates. Besides traditional utilities, the energy system of tomorrow has many new participants: from energy producing consumers to the automotive industry to real estate. All enabled by newly created data-driven business models.”