European Investment Fund (EIF) announced that it is committing €20 million to the Vireo Electrification Fund I.
The new fund has a size of up to €60 million and invests in 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. It prioritises technologies that accelerate digitalisation and intelligent monitoring and managing energy systems.
The EIF's investment is backed by the REPowerEU programme, as well as by the European Recovery Programme (ERP) of the German government.
Among the first startups supported by the Fund are:
- 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 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.
Vireo Ventures, based in Berlin, manages the fund. The five founding partners previously ran innogy Ventures, one of the largest European corporate venture funds in the energy space.
REPowerEU: EIF commits €20 million to the Vireo Electrification Fund