April 10 (Renewables Now) - The renewables unit of German diversified group BayWa AG (ETR:BYW6) plans to make investments in startups from across the energy sector focussed on digital solutions, storage and e-mobility.
For the purpose, BayWa r.e. renewable energy GmbH has created a new company, called BayWa r.e. Energy Ventures Inc, with plans to initially invest up to EUR 5 million (USD 6.2m) and assist with branch expertise, infrastructure and distribution.
“As lead or co-investor, we are engaged for the long run and are planning to invest in up to five opportunities per year, with a focus on startups in Europe and Israel,” said Ulrich Seitz, a venture capital manager who will lead the new business as managing director.
(EUR 1.0 = USD 1.232)