HomeGermanyEIF Commits €20M to Vireo Electrification Fund

EIF Commits €20M to Vireo Electrification Fund

The European Investment Fund (EIF) is committing €20m to Berlin, Germany-based Vireo Ventures‘ Vireo Electrification Fund I.

The Vireo Electrification Fund invests into early-stage startups that develop new technologies in the areas of energy supply, mobility, transport, buildings and industry to accelerate the electrification of the energy sector. Vireo aims at investing in technologies that accelerate digitalization and intelligent monitoring and managing of energy systems.

The new fund, which has a size of up to €60m, already invested in:

  • Amperecloud, a startup that can manage the entire portfolios of owners and operators of renewable energy plants on one platform,
  • Green Fusion, a company that provides an AI-enabled heating management for multi-family buildings,
  • Pionix, an open-source software provider enabling the management of charging stations for electric cars, and
  • About:Energy, a battery modelling software solution enabling better decision-making around battery selection, design, and supply for OEMs.

Originally conceived as an angel investing platform dedicated to energy-tech, Vireo Ventures has now evolved into a fund management firm. With a clear focus on seed-stage companies, the firm specializes in identifying the most promising teams and technologies very early and supporting them on their way to product-market fit and initial growth.

Commenting on the investment, Mischa Wetzel, Managing Partner, Vireo Ventures, said: “We firmly believe that electrification is the most important measure for mastering the path to global net zero and for achieving the Paris climate targets. That is why we fund start-ups contributing to this energy transition across the whole electrification value chain, from generation of renewable energy to grids and storage, to applications in the electrification of transport and mobility, real estate, and industrial processes. We are delighted about EIF joining us on our mission to nurture the European energy-tech innovation landscape and are looking forward to a long and impactful partnership.

VCWire

18/10/2023