EIT InnoEnergy, the innovation engine for sustainable energy supported by the European Institute of Innovation & Technology (EIT), a body of the European Union (EU), and Demeter Investment Managers, a major European private equity and venture capital firm; today announced the launch of a fund dedicated to the development of a resilient and diverse battery raw material supply chain for Europe.
Demeter will act as fund manager, bringing its wealth of experience in greentech and infrastructure.
EIT InnoEnergy will tap into its sector heritage, evidenced by leadership of EBA250 since its inception
in 2017, along with broader early-stage investment expertise to identify and support risky projects.
Societe Generale will act as the exclusive financial advisor for the capital raising.
At least 70% of investments from the EBA Materials Fund will be dedicated to projects increasing EU domestic production from mining, processing, refining and recycling in EU and neighbouring countries. The remaining 30% will focus on increasing raw material supply from EU Raw Material Partnership countries, such as Canada, Namibia, and Argentina.
The EBA Materials Fund will support projects in obtaining the highest environmental standards, following the robust sustainability criteria set under the EU Battery Regulation on traceability, sustainability and circularity, and other criteria which are currently being set under the CRMA. The fund will have one of the highest ESG classifications as an Article 8 fund under the EU’s Sustainable Finance Disclosure Regulation (SFDR).
“Demeter is delighted to launch this initiative together with EIT InnoEnergy, in a critical segment for European countries to succeed in energy and ecological transition. Demeter will bring its recognized expertise in green investments and its methodologies for ensuring those investments meet the highest ESG standards.”