Norwegian giant to invest 10m Euros a year in renewable energy start-ups

By DARA BUTTERFIELD

Norway based Statkraft, Europe’s largest generator of renewable energy, has launched a new venture capital unit to invest up to 10 million Euros a year  in energy related start-ups, with a strong focus on renewables.

Asbjørn Grundt, Executive Vice-President, said: “Statkraft has been a relevant player in shaping the rapid change of energy markets and aims to continue this role in the future.

“We know that many new business areas will arise and start-ups will get a chance to establish as market leaders in these areas. We see those start-ups as valuable partners. Therefore, we want to contribute to this ecosystem by providing funds to the most promising players. Additionally, we can offer to leverage the synergies between start-ups and the Statkraft Group.”

Statkraft Ventures will be investing as a lead investor. Initial investments will be in the range up to 2.5 million EUR. The fund operates out of Düsseldorf and targets investment opportunities across Europe.

Dr Matthias Dill, Head of Corporate Venture Capital and Managing Director of Statkraft Ventures,  said: “Our mission is to be the preferred partner for ambitious entrepreneurs. Even though capital is an important part for a start-up’s sustainable growth, we know that committed founders are the key to success. We strongly believe in the independence of entrepreneurs and support founders as active board members.”