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31 May 2019

New €100 million clean energy investment fund established

On 29 May 2019, a new €100 million investment fund - Breakthrough Energy Ventures Europe (BEV-E), was established by the European Commission, the European Investment Bank and Breakthrough Energy Ventures, during the Fourth Mission Innovation Ministerial meeting in Vancouver, Canada. The fund aims at supporting innovative European companies and bringing radically new clean energy technologies to the market.

Funding for BEV-E will include a €50 million contribution from the European Investment Bank guaranteed by InnovFin, and a €50 million contribution from Breakthrough Energy Ventures, an investor-led fund committed to supporting cutting-edge companies in the energy sector. The fund will invest in five major energy-related sectors where efforts are essential in fighting climate change: electricity, transportation, agriculture, manufacturing and buildings. Investments are expected to start in the second half of 2019, at which time EU Member States and countries associated with Horizon 2020 will be eligible to apply for BEV-E funding.

For more information: EC Press release

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