The Spain-based energy utility is set to contribute approximately $23m to the vehicle, which will invest in renewable energy technology developers.
Spain-based natural gas supplier Enagás and investment banking firm Alantra launched a €150m ($170m) vehicle called Clima Energy Transition Fund yesterday to back renewable energy companies situated in Europe.
The fund will acquire minority stakes in late and growth-stage developers of products and technologies in the biogas, decarbonisation, energy digitisation and efficiency, green hydrogen and sustainable mobility sectors.
A management company will be created to oversee the fund’s activities, with 30% of its shares being owned by Enagás and the remainder by Alantra.
The new entity will fall under Alantra’s alternative asset management group and the firm will provide investment know-how in areas including venture capital and private equity. Enagás is providing at least $22.7m for the fund and will offer insights from its experience in the gas industry.
The company already runs a corporate venturing unit called Enagás Emprende, which is led by Emilio Martínez Gavira and which has invested roughly $17m across a dozen startups in the innovative energy space.
Marcelino Oreja, chief executive of Enagás, said: “Technology and innovation are key elements in the battle against climate change. In a context of climate emergency, it is key to bring together committed investors with sustainable solutions to face new projects.”
