Statkraft's new VC unit to invest EUR 10m per year

Norwegian state-owned utility Statkraft AS has set up a venture capital unit, which will invest up to EUR 10 million (USD 11.3m) per year in clean energy-related start-ups in Europe.

Statkraft Ventures GmbH, based in Dusseldorf, Germany, will invest as a lead investor, Statkraft said on Monday. It will provide initial investments in the range of up to EUR 2.5 million and will target opportunities across Europe.

Annual investments of up to EUR 10 million would translate into EUR 100 million over 10 years, making the fund a reliable long-term partner, said Matthias Dill, who has been put in charge of the new unit. Statkraft Ventures is exit-oriented and invests on common venture capital terms, according to the announcement.

"We know that many new business areas will arise and start-ups will get a chance to establish as market leaders in these areas. We see those start-ups as valuable partners," said Statkraft executive vice president Asbjorn Grundt.

Statkraft describes itself as Europe's largest renewable energy generator. Most of its energy production comes from hydropower. It is also a large wind developer.

(EUR 1.0 = USD 1.131)

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