Electranova Capital, a corporate venturing-backed fund specialising in “cleantech” solutions launched in May 2012 by France-based utility EDF, has made its first two investments in French-based Actillity and Norwegian-based Seatower. Electranova is also supported by Allianz and Indinvest Partners.
The Electranova fund is managed by private equity firm Idinvest Partners and has a minimum investment capacity of €60m ($85m). Electranova aims to encourage the emergence of innovative projects using new technologies. EDF provides half the fund’s committed capital, while Germany-based insurer Allianz has committed €10m. EDF has previously launched Easenergy as its corporate venturing unit in 2000 that took equity stakes in start-ups in return for providing people to help the portfolio companies rather than cash.
Actility specializes in “smart grids” and have developed a standardised communication platform which enables the remote control of electrical appliances such as computers, heat and security sensors among other things. This platform allows users to measure, predict and control the electricity consumption of electrical appliances in industrial settings more effectively. Actility’s founder and chief executive, Olivier Hersent, said: “Gaining EDF’s support, via Electranova’s involvement in our company’s growth means that Actility is confident in its ability to be able to develop this new and innovative platform and to accelerate our growth initiatives both in France and internationally.”
Seatower is a Norwegian company who have developed pioneering gravity base foundations as a solution for offshore wind power.
Bernard Salha, the EDF Group Director of R&D, said: “The EDF Group is delighted with these first two investments, which demonstrate the dynamic nature of Electranova Capital and the quality of the partnership with Idinvest Partners, but also the capacity of the EDF R&D Division to promote innovation in cleantech solutions.”