EIT InnoEnergy expands cash chest as new shareholders join

Three new investors have joined the shareholders of EIT InnoEnergy, enabling the EU sustainable energy investment company to scale up its activities.

Romanian oil company OMV Petrom (BSE:SNP), its Austria-based parent OMV AG (VIE:OMV) and Dutch investment group ACB Participaties BV have provided EIT InnoEnergy with additional cash resources, the Eindhoven-based said on Wednesday. It did not disclose details about the investment, which tops up the funds collected in its EUR-140-million (USD 153m) funding round last September.

The fresh proceeds will be allocated to increase EIT InnoEnergy’s deal flow, facilitate the launch of new industrial entities and speed up its expansion in the US market.

“InnoEnergy deeply believes that the speed of the energy transition will be higher with our partner companies accelerating their transformation. A concerted effort is needed from all sectors, and we are here to support such transitions,” said CEO Diego Pavia.

Set up in 2010, InnoEnergy, provides full-cycle support to global sustainable energy start-ups. It has 200 portfolio companies, which have raised a total of EUR 9.7 billion of investments as of 2023. The company’s shareholder list includes French energy majors EDF and Engie, automotive groups Renault and Volkswagen, Spanish lender Banco Santander SA, Siemens Financial Services and others.

(EUR 1.0 = USD 1.093)

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