rEnergy Partners, the newly independent CVC of BayWa r.e., will continue managing its portfolio while backing early-stage cleantech startups.
BayWa r.e., the renewable energy arm of German sustainable technology company BayWa Group, has spun out its corporate VC unit.
The newly independent unit, called rEnergy Partners, will continue to manage the portfolio companies of former investment unit BayWa r.e. Energy Ventures as well as keep its existing presence in Munich and London.
“The rEnergy team has spun out from BayWa r.e. Group with the goal of creating a leading early-stage energy investment platform. While we embark on this new journey, we’ll continue to support the existing portfolio of BayWa r.e. Energy Ventures,” announced the unit in a LinkedIn post.
The move comes at a time when some energy companies such as BP have announced mass layoffs and a move away from renewable energy, putting the future of their CVC’s under question. Apart from the speed, compensation and other benefits that come from an independent structure, spinning out has historically been a solid option for helping venture units survive turbulence at the mothership. The BayWa Group stock price has itself seen a circa 70% drop in the past year.
BayWa r.e. Renewables Ventures’ portfolio includes power purchase agreement contract management platform provider Pexapark, solar asset management platform provider Raycatch and residential solar technology developer Zolar.
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
