The fund will focus on assisting cutting-edge technology companies bring their product to market.
During the Fourth Mission Innovation Ministerial meeting in Vancouver, the EC, the European Investment Bank (EIB) and Breakthrough Energy Ventures created a new €100 million investment fund called Breakthrough Energy Ventures Europe (BEV-E). The fund will assist clean energy technology innovators bring their product to market.
Funding for BEV-E will include a €50 million contribution from the EIB guaranteed by InnovFin, a financial instrument funded through the EU’s research and innovation programme, and a €50 million contribution from Breakthrough Energy Ventures, a private investment fund committed to supporting pioneering companies in the energy sector.
The fund will invest in five major energy-related sectors: electricity, transportation, agriculture, manufacturing and buildings. Investments are expected to be made in the second half of 2019.