Spain-based gas grid operator Enagás and asset manager Alantra have hit the €210m ($208m) ceiling for the Klima Energy Transition Fund, far surpassing the initial €150m ($148m) target.
The fund will invest minority stakes in startups focused on energy transition technologies such as renewable energy generation, energy storage, hydrogen, carbon capture, biomethane, energy efficiency, smart grids, low-carbon transport and digitalisation.
A first close sized at over €80m ($79m) was reached in June, with the final close including a €50m ($49m) commitment from Alantra, Enagás and the management team, while the European Investment Fund contributed €30m ($29m). Other limited partners include unnamed energy companies, institutional investors, public institutions and family offices.
Enagás is participating through its corporate venturing programme, Enagás Emprende.
Enagás CEO Arturo Gonzalo and Jesús Saldaña, business development and general manager of Enagás, said in a joint statement: “Klima fund is anticipating the decarbonisation challenges arising from the new global energy paradigm and is aligned also with the European strategy RePowerEU to reach a self-dependent and decarbonised market.”
Three investments have already been made from the vehicle, namely in decentralised solar company SunRoof, power generator producer Mainspring and weather forecasting platform Meteomatics.
Klima managing partner Bastien Gambini said: “Over the last two years, we have analysed more than 300 companies in Klima’s investment strategy sweet spot. The market opportunity is huge and growing fast given the urgent need for solutions to help decarbonise the economy.”
