The VC fund backed by E.ON has reached a $120m first close and promoted Patrick Elftmann to US managing partner.

The Future Energy Ventures team. Image courtesy of Future Energy Ventures.

The Future Energy Ventures team. Image courtesy of Future Energy Ventures

Future Energy Ventures, the venture capital fund backed by German energy utility E.ON, has raised €110m ($120m) for the first close of its climate technology fund.

Future Energy Ventures Fund I SCA SICAV-RAIF was launched in August 2022 when Future Energy Ventures was spun out of E.ON. While E.ON is the anchor investor, the fund can raise external capital as an independent entity.

The climate fund focuses on energy transition and sustainability technology developers based in Europe, Israel and North America at series A and B stages, providing between €1m and €10m per deal. Future Energy Ventures has 56 active portfolio companies and 16 team members globally.

Alongside the announcement, US-based partner Patrick Elftmann was promoted to managing partner. He joined Future Energy Ventures in late 2020 after spending three years and a half at one of the unit’s predecessors, Innogy Ventures, first at its Berlin office before relocating to California in 2018.

“This fund represents our commitment to accelerating the transition to a decarbonised world in collaboration with startups and our team of experts, guided by our impact methodology,” says Elftmann on LinkedIn.

Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.