Diversified Germany-based conglomerate BayWa Group has formed a corporate venturing vehicle called BayWa RE Energy Ventures to back energy-related technologies such as energy digitalisation and storage, and e-mobility.
The unit will operate as part of BayWay subsidiary BayWa Renewable Energy (BayWa RE), which oversees solar, wind and bioenergy assets in addition to providing energy trading and industry consulting services.
BayWa RE Energy Ventures will back up to five companies based in Europe or Israel each year making initial investments of up to €5m ($5.9m). The unit will operate independently while drawing upon its parent’s resources to assist portfolio companies with expertise, distribution and infrastructure.
Ulrich Seitz is heading the vehicle as managing director. He came to BayWa from business and technology consultancy MM1, where he had covered corporate venturing, startup partnerships and company building as a management consultant.
Seitz, who has been in his position since 2017 according to his LinkedIn profile, said: “This is a recipe for great chemistry, and puts us in the best position to work collaboratively and support startups.”