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EIB doubles support to Czech fund Inven Capital to support innovative clean-tech start-ups

The European Investment Bank (EIB) and Inven Capital, the venture capital fund of Czech energy group CEZ, have doubled up on strategic partnership, with the EIB committing a further 50 million euros to fund innovative clean-tech and decarbonisation start-ups. The EIB invested the first 50 million euros alongside Inven over the period 2017-2022.

This renewed collaboration will deploy equity to innovative clean-tech and decarbonisation SMEs and Mid-Caps in the EU and increase the contribution of the SME/Innovation window to the EU Bank’s Climate Action and Environmental Sustainability goals. Some of Inven’s investments are also beneficial to the urgent REPowerEU initiative. They help consumers reduce their energy consumption and hence their reliance on gas supplies from unstable, unreliable countries. These companies will then develop solutions to reduce the carbon footprint and other negative externalities of a wide range of sectors from agriculture to transportation and energy generation.

Inven Capital and EIB have so far co-invested into companies that substantially contribute to greenhouse gas emission reduction in Europe. For instance, the Czech portfolio company Woltair is helping households to avoid more than 8 kilotonnes of CO2 annually thanks to the heat pumps and PV modules they have installed since Inven invested. The German company Tado° which produces smart thermostats calculates the amount of saved CO2 emissions thanks to higher energy efficiency at 730 kilotonnes since 2013.

“With their vast experience and a strong network in the clean-tech sector, Inven is an ideal partner for the EIB to swiftly deploy capital in that market crucial to the EU’s energy transition,” said EIB Vice-President Lilyana Pavlova. “It significantly increases the fund’s resources to support the targeted innovative SMEs and adds further expertise. In this crisis, it is critical that we work together with trusted partners to generate much-needed support for European businesses and turn the crisis into an opportunity to advance with cleaner, more sustainable energy generation.”

“Inven Capital has gradually broadened its scope of investments and its portfolio significantly contributes to clean, sustainable, decentralised energy and to the reduction of global CO2 emissions in all areas of the economy, including transport, industry, international freight, or agriculture,” added Member of the Board of Directors and Chief Renewable Energy and Distribution Officer of CEZ Tomáš Pleskač. “We are honoured by the European Investment Bank´s trust and appreciation of the fund’s work thus far and we look forward to our continued cooperation.”

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