Insurance firm Dai-ichi Life has made a ¥1bn ($9m) limited partner commitment to a renewable energy-focused fund manged by Japan-based venture capital firm Energy & Environment Investment (EEI), DealStreetAsia has reported.
Founded in 2006, EEI targets energy and resource-related sectors, focusing on startups developing technology in areas such as renewable energy, electric vehicles and energy storage.
Shuichiro Kawamura, CEO of EEI, said: “Amid major changes in the energy sector, business opportunities related to renewable energy, energy storages, electric vehicles, etc. are rapidly expanding and the startups in such sectors can contribute to the reduction of CO2 emissions.”
Dai-ichi had previously invested $9m in New Life Science I Investment Limited Partnership, a biotech-focused VC fund managed by Shinsei Capital Partners, an investment subsidiary of Japan-headquartered financial services firm Shinsei Bank, in February this year.