An investment fund for energy start-up companies in the UK that are specialising in innovative technologies that respect the environment.
The programme has an overall funding endowment of €60 million. Individual investment levels per supported project are not stipulated.
As part of the scheme, EDF will also offer successful candidates cleantech expertise, with its research & development (R&D) team already taking an active role in research into new technologies and innovative business models.
The Electranova Capital Fund is provided by the EDF Group, an energy company that operates across Europe. EDF is an integrated energy company active in all areas of the business: generation, transmission, distribution, energy supply and trading. The scheme is also supported by Idinvest Partners.
The majority of the funding for the programme will come from the EDF Group, however, Allianz, the first financial investor to see the virtues adopted by the fund, is committing additional financial resources.
The Electranova Capital Fund is a low-carbon venture capital scheme designed to support small and medium-sized enterprises (SMEs) in the energy sector. It aims to encourage innovative low-carbon projects, which focus on new technologies for energy production and usage, and is looking specifically for young companies with strong growth potential in Europe.
The project will also provide an opportunity for start-ups to develop partnerships with its R&D team and other departments.
EDF states that the creation of this venture capital fund fits in with the worldwide context of an ever-evolving energy mix, characterised by countless innovations. It says “that new questions are being asked, particularly about the development of smart grids, the arrival of electric vehicles, advances in energy efficiency and renewable energy, and electricity storage.”
This project will also provide an opportunity for start-ups to forge ties and nurture partnerships with EDF R&D and the group's other departments.
The Fund has a mandate to invest in early and growth stage companies in four areas:
- Renewable power generation: solar, wind, biogas, marine power.
- Energy storage and digital power: smart grid, intelligent power systems.
- Energy and resource efficiency.
- Environmental technologies: preservation of natural resources, waste management, emissions reduction.
Although there are no specific exclusions cited, those wishing to apply are advised to liaise with the sponsor in the first instance to discuss eligibility.
The scheme is specifically targeting applications from start up and young companies operating in the energy sector in the UK. The applicant business should have strong growth potential in Europe.
Match funding is not a stipulated requirement of this programme.
The support is geared toward helping companies with start-up and development activities.
There are no stated deadlines; therefore applications for support may be submitted at any time.
Link to guidelines:
Assistance with submitting an application is likely to be provided by the EDF Group.