SET Ventures Raises €200 Million to Accelerate Clean Energy Innovation
Netherlands, Friday, 13 September 2024.
Dutch venture capital firm SET Ventures has closed its fourth fund at €200 million, doubling its previous fund size. The investment will support European startups developing digital solutions for renewable energy integration, addressing challenges in grid congestion and energy storage.
Accelerating the Energy Transition
SET Ventures, based in the Netherlands, is well-established in the field of sustainable energy technology. With the newly raised €200 million fund, SET Ventures aims to back 20-25 European startups at the Series A stage. The focus will be on digital-first, data-driven solutions that accelerate the deployment of renewable energy technologies into the mass market. Notably, the firm has a history of successful investments in companies such as Instagrid and Sensorfact.
Key Investors and Strategic Goals
The new fund has attracted investments from a diverse group of backers, including the European Investment Fund (EIF), Triodos Energy Transition Europe Fund, and Carbon Equity. According to Anton Arts, Managing Partner at SET Ventures, the emphasis will be on scaling existing technologies rather than developing new hardware. This approach aims to address grid congestion, mismatched energy production and demand, and storage issues for intermittent renewable sources.
Focus on Digital Solutions
The fund will provide initial investments ranging from €2 million to €5 million per company, with a maximum investment of €15 million per company. The goal is to automate renewable energy solutions for mass-market adoption and streamline the user experience. This strategy is expected to make renewable energy more accessible and reliable, thereby expediting the transition to a carbon-free energy system.
Impact on Climate Goals
In 2023, renewable energy sources accounted for 44% of the EU’s total electricity supply. SET Ventures aims to build on this momentum by addressing the pressing challenges of the energy transition. By investing in digital technologies, the firm hopes to mitigate the environmental impact of energy production and consumption, contributing to the reduction of carbon emissions. Last year, portfolio companies helped avoid 3.3 million tonnes of CO2 emissions.
Commitment to Sustainability
Founded in 2007, SET Ventures has a long-standing commitment to sustainability. The firm holds Article 9 status, which signifies its dedication to sustainable investments. The new fund will continue to support entrepreneurs who are developing business models that promote the adoption of renewable energy solutions. This initiative aligns with the broader goals of the European Union to achieve a fully sustainable energy system by mid-century.