EIF invests EUR 20 million in Vireo Electrification Fund

The European Investment Fund is investing EUR 20 million in the Vireo Electrification Fund, which supports startups in the fields of energy, mobility and industry. This investment aims to drive the development of innovative technologies and the digitalization of energy systems.

The European Investment Fund (EIF) has announced that it is participating in the Vireo Electrification Fund I with an investment of €20 million. This fund is managed by Vireo Ventures, a Berlin-based venture capitalist, and focuses on supporting start-up companies in the fields of energy supply, mobility, transport, buildings and industry that are developing innovative technologies.

There are very important technological developments in the field of electrification. The importance of this sector will continue to grow over the next ten years, enabling many profitable investments.

Marjut Falkstedt, Executive Director of the EIF

The Vireo Electrification Fund aims to advance the digitization and electrification of energy systems. With a total volume of up to €60 million, the fund will support early-stage startups to accelerate the development and implementation of new technologies. The EIF's investment is supported by the European REPowerEU program and the German government's ERP Special Fund.

Some of the first startups to receive support from this fund are:

• Amperecloud: this startup provides a renewable energy asset portfolio management platform.
• Green Fusion: this company provides an AI-powered heating management solution for multifamily buildings.
• Pionix: Pionix develops open-source software for managing electric car charging stations.
• About:Energy: This company provides a battery modeling software solution that helps OEMs with battery selection and design.

We strongly believe that electrification is the most important measure to achieve global carbon neutrality and the Paris climate goals. That is why we fund startups that contribute to the energy transition along the entire electrification value chain

Mischa Wetzel, Managing Partner of Vireo Ventures

The Vireo Electrification Fund is managed by Vireo Ventures in Berlin. The company's five founding partners have extensive experience in the energy industry and venture capital. They previously managed innogy Ventures, one of Europe's largest corporate venture funds in the energy sector. In the past, they have invested in more than 80 start-ups in the energy and climate technology sectors, generating both financial and environmental returns.

Vireo Ventures was founded to address the significant climate impact of the energy sector. Originally conceived as a business angel investment platform for energy technologies, the company has evolved into a fund manager specializing in supporting promising early-stage companies. Their focus is on discovering talented teams and innovative technologies early on and supporting them in their product development and early growth stages.

As recently as May 2023, we reported on an exciting €60 million investment by EIF in Alpine Space Ventures.