Portuguese multinational energy company EDP has plans to invest in start-ups that have the potential to accelerate the energy transition.
The utility has set aside €10 million through its EDP Ventures to support Portuguese start-ups that can help lead the energy transition.
The funding will be issued through EDP Cleantech FCR, a fund created specifically for the Portuguese market, to support start-ups within the clean energy, smart grids, energy efficiency, electric mobility, energy storage, cyber-security, artificial intelligence, IoT, predictive maintenance, AR & VR, big data and advanced analytics sectors.
EDP Ventures is looking for companies that can add strategic value to the various business units of the EDP group, participating always with minority tickets – between €500,000 ($596,000) and €2 million ($2.3 million).
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The move is part of efforts by EDP Ventures to continue its role in helping European-based startups to further develop and commercialise their solutions and business models by issueing Seed and Series A funding.
Through EDP Ventures, the EDP group has invested in 32 early-stage start-ups in Europe, United States, Brazil, Israel and Bangladesh. Around €70 million ($83.4 million) is budgeted for investment, of which €40 million ($47.7 million) has already been invested.
Luís Manuel, EDP Ventures administrator, said: “The EDP Cleantech FCR is our preferred vehicle to invest in Portuguese startups, and is yet another demonstration of the strong bet on the national ecosystem and Portuguese DNA companies we have been making over the last decade.”