Czech Republic-based energy utility Čez and the European Union-owned European Investment Bank (EIB) have agreed to each invest €50m ($59m) in Inven Capital, the venture capital fund formed by Čez.
The funding will be aimed at cleantech and smart energy developers, particularly small and medium-sized enterprises (SMEs), and midcaps – companies with a market capitalisation of $2bn to $10bn.
Inven Capital generally provides between €3m to €20m per investment, and targets technologies such as distributed power generation, energy efficiency, energy storage and flexible transmission, clean transport and smart cities.
The fund’s portfolio includes Sonnen, a Germany-based advanced battery technology producer that most recently secured $85m in October 2016, and Tado, a Germany-based smart climate control technology developer that closed a $23m series C round in April 2016.
EIB’s commitment is guaranteed through the European Fund for Strategic Investments (EFSI), a €21bn initiative jointly run by EIB, the European Investment Fund and the EU Commission.
Tomáš Pleskač, chief renewable energy and distribution officer for Čez, said: “Inven Capital’s activities have so far greatly helped Čez Group to fulfil one of its main strategic objectives, which is to develop business in the decentralised energy and renewable sources segments.”
Petr Míkovec, managing director and chairman of the board of Inven Capital, added: “Our partnership with the EIB will allow us to access additional capital and as a result provide greater support for further growth of innovative clean-tech SMEs and midcaps in Europe.
“This additional funding from the EIB along with the capital originally committed by Čez means that Inven Capital Fund will have approximately up to €240m of committed capital available.”
– The original version of this article appeared on our sister site, Global Government Venturing.