Netherlands-based venture capital firm Set Ventures has added electricity transmission system operator Tennet as a 10th limited partner (LP) for its second fund.
The initial cornerstone investors in Set Fund II were energy utilities Essent (part of RWE) and PZEM (formerly known as Delta). They were joined by fund-to-fund investor Topfonds Gelderland in 2014.
Set Fund II’s other LPs joined in 2015 and include oil and gas company Shell, through its Shell Technology Ventures unit, Sitra, Korys, the Netherlands-based Brabant Development Agency and European Investment Fund through the Dutch Venture Initiative mandate and two European Commission mandates: InnovFin and Cosme.
Rene Kerkmeester, who leads Tennet’s Digital Transformation Program, said: “By doing this investment (in Set Fund II), Tennet implements a structured approach to market scouting, thereby gaining insight in the latest market developments in the combined field of electricity and digitalisation.
“These insights will allow Tennet to [have] faster response to the demands of the new emerging energy landscape characterised by increased volatility, decentralisation and need for flexibility. Set Ventures has a proven track record and they have demonstrated a deep understanding of the sector developments.”
René Savelsberg, CEO of Set Ventures, added: “At the same time we are extremely excited about interacting with Tennet and having additional access to knowledge at the core of our investment priority in smart energy solutions.”