Portugal-based energy utility EDP formed a corporate venturing unit late last month equipped with about €7m ($8.1m) of capital that will focus on investments in Brazil.
EDP Ventures Brasil will look to fund Brazil-based startups developing technologies in areas such as digital innovation, renewable energy, energy storage, intelligent networks and customer service, at seed and series A stage.
The unit is also open to backing pilot energy projects and will offer access to its parent company’s business in 14 countries in the region.
Carlos Andrade, EDP Brasil’s vice-president of new businesses, said: “With the creation of a corporate venture capital (unit), we have consolidated our position as pioneers in innovation in the electrical sector, in addition to contributing to the development of the national entrepreneurial ecosystem.”