RWE confirms venture capital project with Bankhaus Lampe
Nov 21, 2011 - German utility RWE AG (ETR:RWE) said today that RWE Innogy and Conetwork Erneuerbare Energien (CEE), in which Bankhaus Lampe has a participating interest, had sealed an agreement on a long-term venture capital partnership.
RWE has thus confirmed an earlier report of daily Financial Times Deutschland (FTD).
The company said that in line with the agreement, CEE has taken a stake worth EUR 25 million (USD 33.6m) in Innogy Renewables Technology Fund I, thus holding around 22% of the fund.
The fund volume now stands above the EUR 115 million mark. With this fund, RWE Innogy has already backed nine green technology start-ups with venture capital and the newly-launched cooperation with Bankhaus Lampe aims to help finance a further four or five technology companies. The maturity of the fund is scheduled for the end of June 2018.
In addition to its stake in the fund, CEE will acquire a 25.1% shareholding in Innogy Venture Capital GmbH, the fund's general partner, thus receiving a seat on its investment committee.
Innogy Venture Capital invests in carbon-neutral, centralised and distributed renewable energy resources and in efficiency and storage technologies in Europe on behalf of RWE Innogy and CEE.