By Nick Hedley
Sustainability-focused venture capital firm Energy Impact
Partners (EIP) has launched a €390 million ($390 million) fund focused
on European clean energy technology companies – with support from the Abu Dhabi
Investment Authority and Dutch pension fund ABP, among other investors.
“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,” Hans Kobler, founder & CEO of EIP, said in a statement.
“Our model of collaboration across entrepreneurs, industrial
partners, and our highly-experienced team should also make it easier for
European technologies to access the North American market.”
New York-based EIP has $2.5 billion in assets under
management. Its investments to date include renewable energy supplier Zolar,
electric vehicle charging company EV.energy, and portable batteries group
Instagrid.
The European fund would mirror the strategy of its North
American funds by offering both capital and commercial support to the companies
it backs, EIP said. Its presence in North America would help European companies
to expand in that market, and founders to exit there.
EIP said partners and investors in the European fund include
a subsidiary of the Abu Dhabi Investment Authority, APG on behalf of its
pension fund client ABP, Microsoft’s Climate Innovation Fund, Shell Ventures, and
Nysnø Climate Investments, a subsidiary of the Norwegian Ministry of Trade,
Industry & Fisheries.
“The energy transition is the most promising investment
opportunity of our generation with a global estimated $9 trillion to be spent annually,”
said Matthias Dill, CEO and co-managing partner of EIP Europe.
Dr. Urban Keussen, chief technical officer of EWE AG, which
contributed towards the fund, said “These days the energy transition is
becoming even more important not only to reduce CO2 emissions but to replace
fossil molecules with green ones and to reduce energy dependency on individual
countries.”