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 start-ups in the energy, mobility and industry sectors. This investment is intended 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 euros. This fund is managed by Vireo Ventures, a Berlin-based venture capitalist, and focuses on supporting start-ups 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 and will enable many profitable investments.

Marjut Falkstedt, Managing Director of the EIF

The Vireo Electrification Fund aims to drive the digitalization and electrification of energy systems. With a total volume of up to 60 million euros, the fund will support early-stage start-ups 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 start-ups to receive support from this fund are:

• Amperecloud: this start-up provides a platform for managing renewable energy asset portfolios.
• Green Fusion: The company provides an AI-supported heating management solution for apartment buildings.
• Pionix: Pionix develops open-source software for managing charging stations for electric cars.
• About:Energy: This company offers a battery modeling software solution that supports OEMs in the selection and design of batteries.

We firmly believe that electrification is the most important measure to achieve global climate neutrality and the Paris climate goals. That is why we finance start-ups 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 five founding partners of the company have extensive experience in the energy industry and venture capital sector. 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 sector, achieving 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. Its focus is on discovering talented teams and innovative technologies at an early stage and supporting them in the development of their products and in the early growth phase.

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