The Elia Group has announced a €12.5 million investment in SET Fund IV, a global venture capital company dedicated to energy technologies.
The funds will be invested over the next four years into European start-ups that develop digital services and technologies in the energy sector and are mature enough to be scaled up, the Belgian energy firm said.
This is Elia’s first venture capital investment. It will be separate from the group’s regulated activities.
"By participating in the investment fund, Elia Group is aiming to identify new innovations and companies that will help accelerate the digitalisation of the electricity system," the group said in a press release.
"Digital solutions introducing greater system flexibility may ultimately benefit the system overall," it added.
Investment partners in the fund include the European Investment Fund, Triodos Bank, and ABN Amro. This investment cluster monitors around 2,500 European start-ups in various energy sub-sectors.
These include areas such as decentralised energy systems, flexibility, energy efficiency, and electric vehicle charging solutions.
