Denmark-headquartered wind turbine manufacturer Vestas launched a corporate venturing unit called Vestas Ventures on Wednesday to invest in sustainable energy technology.
Founded in 1945 as a household appliances producer, Vestas provides turbines for onshore and offshore wind farms and has more than 122 GW of capacity currently operating around the world.
Vestas Ventures will target early-stage developers of renewable energy and energy storage technology in addition to products that can help decarbonise heavy transport and advanced materials that can improve turbine efficiency and cut waste.
The unit is assessing possibilities for its first deals and will consider leading rounds or taking part as a co-investor. Bo Svoldgaard, head of innovation and concepts for Vestas, told Greentech Media it will invest €1m to €6m ($1.2m to $7.2m at current rates) per deal.
Thomas Alsbjerg, head of corporate strategy for Vestas, said: “We want to combine Vestas’ 40 years of experience in pioneering renewable energy with world-class startups and help build solutions that will shape the energy systems of the future.
“We have entered a new decade of transformation and the pace of the energy transition requires new partnerships and targeted innovation efforts.”
Vestas was reported in 2017 to be considering corporate venturing, and it invested $11.2m in Sweden-based advanced battery producer Northvolt the same year. It then acquired a 25.1% stake in Germany-headquartered renewable energy project developer Sowitec in April 2019.
Photo courtesy of Vestas Wind Systems A/S.
