Energy Impact Partners (EIP) has launched its European Fund with €390 million ($397 million), attracting interest from APG and Microsoft’s Climate Innovation Fund.
The fund aims to deploy in European investments to accelerate the growth of innovative technologies that have the potential to drive the transition to net zero. EIP officials describe the strategy as “mirroring” its existing strategy of its North American funds.
So far EIP has invested in eleven renewable and tech-driven European companies including Zolar, Grover, EV energy, Instagrid, Greenly and ESG Book.
“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,” said Hans Kobler, founder and CEO of Energy Impact Partners, 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.”
Partners and investors in the latest EIP fund include a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), AGL Energy Ltd, APG on behalf of its pension fund client ABP, Chubu, DNV, Électricité de France (EDF) Group through its corporate venture capital arm EDF Pulse Ventures, EWE AG, Ferrovial, Fortum, Galp, Mainova AG, Microsoft’s Climate Innovation Fund, Nysnø Climate Investments — a wholly owned subsidiary of the Norwegian Ministry of Trade, Industry & Fisheries, Shell Ventures and TrønderEnergi AS.
“The energy transition is the most promising investment opportunity of our generation with a global estimated USD $9 trillion to be spent annually. A lot of this money will be spent on new climate-technologies. At EIP, we are deeply rooted in the energy-sector through our industrial coalition and our start-up portfolio. We use this central role to back the brightest founders in their efforts to build the most impactful businesses,” said CEO and Co-Managing Partner of EIP Europe Matthias Dill, in a statement.