The creation of the European Fund by venture capital firm Energy Impact Partners (EIP), which focuses on businesses with a purpose to advance the net zero carbon economy, marks the company's entry into the European market.
EIP indicated that it has support from institutional investors and aims to introduce European businesses to the scalability of the US market.
EIP has €390 million available to invest in European projects that will hasten the development of cutting-edge technologies that have the potential to speed the move toward net zero.
"Europe is leading in the energy transition and is a key market on the road to net zero where we are seeing thousands of investable opportunities. We are thrilled to now be able to partner with brilliant European entrepreneurs to help accelerate the innovations tackling climate change," according to Hans Kobler, founder and CEO of Energy Impact Partners.
Targeting businesses involved in the whole spectrum of the energy transformation, the fund will look for growth and venture investments throughout the continent.
A wide spectrum of institutional investors, impact investors, and corporations from a variety of industries, including energy, utilities, technology, infrastructure, and transport, contribute to the fund.
With approximately $2.5 billion in funds under management with offices in New York, San Francisco, Palm Beach, Washington, DC, London, and Cologne, EIP invests internationally in venture, growth, credit, and infrastructure.
AGL Energy Ltd., APG on behalf of its pension fund client ABP, Électricité de France (EDF) Group through its corporate venture capital arm EDF Pulse Ventures, Microsoft's Climate Innovation Fund, Nysn Climate Investments - a wholly owned subsidiary of the Norwegian Ministry of Trade, Industry & Fisheries, and Shell Ventures are a few of the fund's partners and investors.
"The energy transition is the most promising investment opportunity of our generation with a global estimated $9 trillion to be spent annually. A lot of this money will be spent on new climate technologies," according to Matthias Dill, CEO and Co-Managing Partner of EIP Europe.
EIP has previously made investments in 11 European businesses.
By fLEXI tEAM