France-based energy utility EDF has cornerstoned the launch of the Electranova Capital corporate venturing fund to be managed by local private equity firm Idinvest Partners.

The €60m ($85m) investment fund will back energy start-ups specialising in environmentally-friendly technologies, such as potentially smart grids, electric vehicles, energy efficiency and energy storage.

EDF is providing half the fund’s committed capital, while Germany-based insurer Allianz, which has backed others of Idinvest’s funds, is committing €10m. Idinvest said it was targeting €100m for the fund…

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