US-based venture capital firm Energy Transition Ventures (ETV) has publicly launched its first vehicle, which is anchored by conglomerate GS Group’s corporate venturing arm, GS Futures, and GS Energy, its energy technology unit.
ETV is targeting $75m for the fund and intends to raise additional capital from new investors, having reached an initial close in February and made its first investment the following month.
The vehicle will target North America-based early-stage developers of technologies in areas including clean energy, distributed generation, electrification, sustainable mobility and resource optimisation.
Neal Dikeman, a partner at ETV, had been a senior investor and head of North America for Shell Technology Ventures, oil and gas supplier Shell’s corporate venturing arm, for more than three years from 2013.
Tae Huh, managing director of GS Futures, said: “ETV is our first investment from the new GS Futures fund, and we have already run successful pilots in Korea with three US startups even before this fund closed an investment – we are working to accelerate the old model of corporate venture dramatically.”
