The Vireo Electrification Fund invests into start-ups that develop new technologies in the areas of energy supply, mobility, transport, buildings, and industry
The EIF`s investment is backed by the European REPowerEU-programme, as well as Germany`s ERP-funds

The European Investment Fund (EIF) is committing €20 million to the Vireo Electrification Fund I. Vireo Ventures is targeting early-stage asset-light technologies enabling the digitalization and electrification of energy systems. The new Fund has a size of up to €60 million. The EIF`s investment is backed by the REPowerEU-programme, as well as by the European Recovery Programme (ERP) of the German government.

The Vireo Electrification Fund invests into early-stage start-ups that develop new technologies in the areas of energy supply, mobility, transport, buildings and industry to accelerate the electrification of the energy sector. Vireo aims at investing in technologies that accelerate digitalization and intelligent monitoring and managing of energy systems. Among the first start-ups supported by the Fund are:

Amperecloud, a start-up that can manage the entire portfolios of owners and operators of renewable energy plants on one platform,
Green Fusion, a company that provides an 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.

The fund is managed by Vireo Ventures, based in Berlin. The five founding partners, with complimentary backgrounds in the energy industry, entrepreneurship, and venture capital, previously ran innogy Ventures, one of the largest European corporate venture funds in the energy space. Over the years, the Vireo Ventures team has invested in more than 80 energy- and clean-tech start-ups, generating both financial and environmental returns.

In recognition of the significant impact the energy sector has, constituting over 70% of all CO₂ emissions, the team started Vireo Ventures. Originally conceived as an angel investing platform dedicated to energy-tech, it has now evolved into a fund management firm. With a clear focus on seed-stage companies, Vireo Ventures specializes in identifying the most promising teams and technologies very early and supporting them on their way to product-market fit and initial growth.

Marjut Falkstedt, Chief Executive of the EIF, said, “Electrification has become the area of very important technological developments, and its importance will only continue to grow in the next decade. This opens significant potential for profitable investments and adds a powerful tool in the arsenal to tackle so many of the problems we are facing in decarbonizing the electricity sector. That’s why, at the EIF, we are proud to support advanced technology investors like Vireo Ventures to further boost European capabilities in the energy sector.”

Mischa Wetzel, Managing Partner of Vireo Ventures, added, “We firmly believe that electrification is the most important measure for mastering the path to global net zero and for achieving the Paris climate targets. That is why we fund start-ups contributing to this energy transition across the whole electrification value chain, from generation of renewable energy to grids and storage, to applications in the electrification of transport and mobility, real estate, and industrial processes. We are delighted about EIF joining us on our mission to nurture the European energy-tech innovation landscape and are looking forward to a long and impactful partnership.”

Background information:

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized enterprises (SMEs) by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments that specifically target this market segment. In this role, the EIF contributes to the pursuit of key EU policy objectives such as competitiveness and growth, innovation and digitalisation, social impact, skills and human capital, climate action and environmental sustainability and more.

EIB Group and energy security: Over the past decade, the European Investment Bank Group has channelled more than €100 billion into the EU’s energy sector. These timely investments in energy efficiency, renewables, grids and storage are now helping member states weather the crisis triggered by the abrupt cut in Russian gas supplies. In October 2022, the EIB’s Board has decided to raise the Group’s clean energy financing volumes in support of the REPowerEU objective of ending Europe’s dependency on Russian fossil-fuel imports. As announced in July 2023, an additional €45 billion will be invested over the next five years, on top of the EIB’s already robust support for clean energy. It is estimated that the REPowerEU package will mobilize an additional €150 billion in new investment by 2027, thus making a substantial contribution to Europe’s energy independence and the EIB Group’s target to support €1 trillion in climate financing this decade.

Vireo Electrification Fund I is an Alternative Investment Fund (AIF) under the European Venture Capital Funds (EuVECA) regime. The fund is managed by Vireo Ventures, a European venture capital firm specializing in early-stage investments in technology companies driving the energy transition through electrification. Vireo Electrification Fund I focusses on seed-stage companies involved in renewable energy production and storage, smart grid solutions, as well as applications spanning e-mobility, real estate, and industrial sectors. Vireo Ventures’ mission is to shape and accelerate the transition towards sustainable energy solutions.

Press contacts:

EIF: Donata Riedel, d.riedel@eib.org, Tel.: +49 30 590047 900, Mobile: +49 151 1465 9021
Website: www.eif.org - Press Office: www.eib.org/press +352 4379 21000, press@eib.org
Follow us on Twitter @eif_eu

Vireo Ventures: Felix Krause, press@vireo.vc, Tel. +49 30 466 03730, Website: www.vireo.vc, Follow us on LinkedIn