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EIT Innoenergy Green Fund

Portugal Business News -
EIT Innoenergy Green Fund - Portugal Business News

Portugal Green Investment news – EIT Innoenergy has just announced the creation of a venture capital fund to invest in Green start-ups in order to accelerate the energy transition in Portugal.

The European Institute of Innovation and Technology (EIT), which has hubs across Europe and in the US, has already raised € 1.6 billion with EIT InnoEnergy’s alliances in sustainable energy. Start-ups have access to the InnoEnergy community of top European venture capital firms, such as EBAN that is the pan-European representative for the early-stage investor community and gathers 100 member organizations in more than 50 countries with the collaboration of the EU Commission. EBAN represents a sector estimated to invest € 11 billion yearly to fund SMEs.

EIT Innoenergy and Santander Asset Management are launching this new climate tech investment vehicle today in Portugal in order to accelerate the energy transition and address Europe’s energy security crisis. This will be done by funneling venture capital into the continent’s most promising climate tech start-ups. The selected start-ups will be from various Green sectors like renewable energies, energy storage, smart cities and hydrogen. Santander will manage the fund portfolio in its efforts towards this overall goal and will raise over €120 billion in green financing by 2025. At the end of the first half of 2022, Banco Santander had €1.2 trillion in total funds.

The EIT Innoenergy fund is a further step towards fighting climate change and achieving Net Zero by 2050. Recognized globally as the most active sustainable energy investor, EIT leveraged over 180 portfolio companies to generate €72.8 billion in revenue, that will lead to saving 1.1G tons of CO2e annually by 2030.

If you are selected as a Green start-up, a scale-up or an innovator, you may receive support to speed-up time to market. 90% of EIT funded start-ups work with global brand names such as ABB, BMW, EDF, Tata Steel and Vattenfall.

With this new fund, EIT Innoenergy is spearheading the way towards a de-carbonized Europe by 2050 through a three-pronged approach, namely battery storage, green hydrogen and solar photovoltaics. While electricity was traditionally generated by power plants and distributed via a grid, the EU Clean Energy Package (CEP) aims at consumer participation to create a bi-directional power flow.

With this new announcement today, Green start-ups in Portugal will be able to obtain A and B series funding in equity instead of debt. So, do you have a Green energy start-up to fund?



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