Future Energy Ventures (FEV), the venture firm spun off by energy utility E.ON, had a bumper year under the leadership of managing partner Jan Lozek. The team launched a €250m energy transition-focused fund, getting Asia-Pacific power producer CLP on board as an investor three months later.
The new fund is FEV’s second, and came two years after the unit was spun off by E.ON. CLP’s contribution came in the wake of a €110m first close in January.
Originally known as Innogy Innovation Hub, FEV was founded by Lozek in 2016 as a corporate venture subsidiary of German utility Innogy. When Innogy merged with E.ON four years later, he took on responsibility for both fi rms’ portfolios.
The clean energy economy is the greatest business opportunity of our generation, and we are excited to be raising our second fund
E.ON is anchoring the latest fund together with the European Investment Fund. FEV intends to provide up to €10m for 30 startups in three areas of decarbonisation: future energy, future cities and future technologies. Those startups will potentially support a €42bn European investment plan announced by E.ON in March.
The 15-strong team invests across Europe, North America and Israel, but is best known as one of Europe’s premier energy technology investors, particularly in the series B stage known by many as ‘death valley’ for startups.
Those early-stage deals include recent investments in dry-air insulation system developer Nuventura, enterprise extended reality startup Hololight and Ev.energy, the UK-based provider of a smart-charging platform for electric vehicles.
“The clean energy economy is the greatest business opportunity of our generation, and we are excited to be raising our second fund at this pivotal moment,” Lozek said at the time of the January close of its new fund.
Prior to setting up FEV, Lozek spent 14 years at Innogy’s former parent company, RWE, five of which as vice president of portfolio strategy.
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