Novusmodus, which manages a €200m ($262m) fund for Ireland-based power utility ESB, has rebranded as Greencoat Capital, reflecting “the widening of the firm’s activities beyond its long established relationship with ESB.”
The renamed Greencoat Capital said it would continue in its role as exclusive investment adviser to ESB Novusmodus, the renewable energy and cleantech fund established in 2009 by ESB.
That fund’s investments include Nualight, Airvolution Energy, Intune Networks, SELC, Lumicity, Wind Energy Direct, Geothermal International, tenKsolar, and Heliex Power.
The Greencoat team now has 12 investment professionals based in Dublin, London and Munich.
Richard Nourse (pictured), managing partner of Greencoat, who was selected as one of the 100 most powerful people in corporate venturing by our editorial team, said: “From inception, being a multi-fund renewable energy adviser and manager has been part of our plan – and we continue to identify attractive investment areas, both large and small, within the wider cleantech sector.
He added: “Greencoat Capital’s relationship with ESB remains a strong one, but with the widening of our activities; a change of name is desirable. The ESB Novusmodus fund is one of the largest of its kind in Europe and has assembled an enviable portfolio. We look forward to further achievements and innovations as Greencoat Capital.”