Electricity and gas provider RWE Innogy has strengthened its venture capital activities with the formation of Innogy Venture Capital.
The new venture capital company aims to invest in technologies driving renewable energy sources.
‘By restructuring our venture capital activities, we have taken a major step towards even more active positioning on the EU market and further strengthening of our venture capital focus,’ said prof Fritz Vahrenholt, chief executive officer of RWE Innogy. ‘This paves the way to future competitive advantage and sustainable, profitable growth.’
Crispin Leick, managing director of Innogy Venture Capital, added: ‘The new venture capital fund structure ensures that our portfolio companies can receive all benefits as a Small Medium Enterprise (SME) according to EU law. Our experience with venture capital as an open approach to innovation has been highly positive.’
Since its formation in 2008, RWE Innogy has taken shares in eight young technology companies throughout Europe, investing more than €50m (£44m) as equity capital.