Norway-based, state-owned utility company Statkraft plans to set up a corporate venturing unit in Germany to invest in distributed and renewable energy companies, according to SeeNews, which cited a company statement.
Statkraft received NOK 5bn ($632.3m) in funding from the Norwegian government in December 2014, with news emerging a week later stating that the company would put NOK 60bn of the capital aside for corporate venturing efforts in Norway, Europe, Asia and South America.
The new unit, based in North Rhine-Westphalia’s capital Dusseldorf, will however only target companies across Europe. Statkraft is particularly looking at startups working on hydropower, wind power, district heating and other renewable energy technologies.
Statkraft has not yet revealed details about how much it is looking to invest in individual startups or the size of the stake it would hypothetically take.