€25 million+ fund launches to accelerate energy transition start-ups
A leading group of experienced energy transition investors has today launched the ENION Fund to provide growth capital to Spanish sustainable energy technology start-up.
Against the backdrop of the European Green Deal’s ambitious goal to be a climate-neutral continent by 2050, the inception of the ENION Fund was sponsored by EIT InnoEnergy, the world’s largest sustainable energy engine, to provide new mechanisms to support early-stage start-ups developing sustainable energy propositions
The ENION Fund has already 17M€ investment commitments including pledges from FOND-ICO Global, the ‘fund of funds’ managed by Axis (the venture capital arm of ICO, the public bank related to the Ministry of Economy in Spain), from ICF, Catalonia’s public financial institution and from Power Electronics, a leading supplier of energy technology to strategic sectors involved in the economic and industrial development of more than a hundred countries.
The Fund’s investment focus will be tech-based start-ups with solutions for renewable energy and distributed generation, energy storage including green hydrogen, electric mobility, digital grid and flexibility, peer-to-peer energy trading and energy for circular economy. This Fund will invest in both market deals and EIT InnoEnergy portfolio companies coming from its acceleration programme.
ENION Venture Partners
The Fund will be managed by ENION Venture Partners, the ManCo just got the authorisation from the Spanish authority (CNMV) and also plans to invest €500k as a sign of the managers' commitment to the fund. ENION will be led by Josep-Miquel Torregrosa and will incorporate to the management team Xavier Sánchez, co-founder of ESADE Business Angels Network with over 10 years of experience in the energy industry.
Once minimum investment commitments of €20 million have been secured, up to 25 of Iberian’s most promising start-ups dedicated to accelerating the energy transition will be selected for investment. The Fund has a target of €25 million but the managers are planning a 20 million first closing during quarter two of 2021. ENION Venture Partners are planning to start open fundraising in the coming weeks.