EIF Backs Move Energy’s €150 Million Fund to Drive Decarbonization Across Key Sectors in Europe
(IN BRIEF) The European Investment Fund (EIF) has committed €35 million to Move Energy’s venture capital “Fund I,” which supports early-stage European ventures focused on decarbonizing power, transport, and buildings—sectors responsible for 55% of global CO₂ emissions. Backed by the European Commission’s InvestEU initiative, this investment raises the fund’s total commitments to over €100 million, with a target cap of €150 million by early 2025. Move Energy has already invested in five companies and aims to drive transformative innovation in sustainable energy and mobility systems.
(PRESS RELEASE) LUXEMBOURG, 21-Nov-2024 — /EuropaWire/ — The European Investment Fund (EIF) has announced a €35 million investment in Amsterdam-based Move Energy’s venture capital “Fund I,” supporting its mission to accelerate the energy transition across Europe. The fund, which focuses on early-stage hardware and software ventures, aims to decarbonize critical sectors such as power, transport, and buildings—industries responsible for 55% of global CO₂ emissions.
Backed by the European Commission’s InvestEU initiative, the EIF’s contribution boosts Move Energy’s total commitments to over €100 million, with prior investments from more than 30 investors, including cornerstone investor Pon Holdings and a €10 million commitment from Invest-NL through the Dutch Future Fund II. Move Energy Fund I has already invested in five innovative companies and aims for a final close by Q1 2025, with a hard cap of €150 million.
“This investment underscores our dedication to advancing the energy transition,” said EIF Chief Executive Marjut Falkstedt. “As highlighted by COP29, reducing global warming and promoting sustainable energy systems are critical to combating climate change. Private initiatives like Move Energy not only address these challenges but also reveal significant economic opportunities that we are proud to support.”
Move Energy specializes in Series A funding for European ventures driving decarbonization through transformative technologies. By targeting power generation, transportation systems, and energy-efficient buildings, the fund seeks to facilitate impactful innovation in sectors pivotal to the fight against climate change.
“We’re honored to welcome the EIF as a key partner,” said Lex Roukens, Managing Partner at Move Energy. “Their commitment validates our strategy and mission, enabling us to expand our support for groundbreaking European companies that are reshaping energy systems and reducing emissions in meaningful ways.”
With this strategic partnership, the EIF and Move Energy Fund I are poised to catalyze the energy transition, supporting technologies and ventures that will drive Europe toward a more sustainable and carbon-neutral future.
The European Investment Fund 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 which specifically target this market segment. In this role, the EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments previously available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners who will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.
Move Energy is a venture capital specialist dedicated to supporting early-stage companies pioneering hardware and software solutions to decarbonise the power, transport, and buildings sectors. With a focus on impact-driven investments, Move Energy aims to support the next generation of transformative ventures contributing to a more sustainable world.
Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=673f63490a8d4b20a6addf92c1cf390e&url=https%3A%2F%2Fnews.europawire.eu%2Feif-backs-move-energys-e150-million-fund-to-drive-decarbonization-across-key-sectors-in-europe%2Feu-press-release%2F2024%2F11%2F21%2F17%2F25%2F09%2F144407%2F&c=6642978491647402887&mkt=de-de
Author :
Publish date : 2024-11-21 08:27:00
Copyright for syndicated content belongs to the linked Source.