The energy transition of companies is increasingly present in all environments and pressure is also felt from climate agents or governments with measures implemented by Brussels or agreements dedicated to net zero. And just as sustainable investments have been gaining momentum, investment funds have also launched to create vehicles with a ‘green’ category to invest in companies dedicated to climate change and especially startups known as ‘climatech’. Over the years, various national and international funds have been created and they have invested more than 70 million euros in the Spanish ecosystem.
Microsoft, which landed on Spanish soil with its Microsoft Climate Innovation Fund, after being part of the investment round of Mitiga Solutions. It is the first time that technological investment has been made with this vehicle in the country and it was done in conjunction with Kibo Ventures, a venture capital fund led by Aquilino Peña. Between the two they injected 13 million into the startup specialized in assessing the risk and impact of natural catastrophes and climate change for companies. The owner of Windows created this fund with the commitment to invest up to 1,000 million dollars in solutions to combat global warming and has already made 30 other movements, but this was the first in the country.
Like the American one, Beatriz González’s fund, Seaya Ventures, has also launched to create a green fund. This is the vehicle called Andromeda that seeks to accelerate the energy transition and sustainability. This received the support of the Next Tech Fund with a package of 100 million euros, the same amount that Iberdrola added with its investment arm Perseo, and that Nortia Capital added. In total, Andromeda has a size of 300 million euros and so far it has invested in four companies and only two of them are Spanish: 011h and Seabery. In the first, he put 25 million euros on the table together with the Swiss venture capital firm Redalpine. In the second, the amount of the round has not been made public. Although this is Seaya’s first green fund, it had previously invested in other sustainability companies such as Clarity AI, Wallbox or RatedPower.
The company led by Ignacio Sánchez Galán lost Perseo many years ago and they have made various investments in the national ecosystem and in international companies. It has more than 125 million investment in its startup portfolio. Look for technology companies that focus on improving the sustainability of the energy sector through greater electrification and decarbonization of the economy. Some of the Spanish ones in which he has invested are electric vehicle charging solutions. He has also participated in the rounds of Aquí tu Reforma (2.2 million together with Roca Group Ventures and Seaya); of Balantia; CO2 Revolution; and in that of Barbara IoT with 2.5 million (by the hand of Caixa Capital Risc).
Different companies and large businessmen have decided to add new investment formulas to the ecosystem, and the former Red Eléctrica Group, currently Redeia, incorporated its investment arm, Elewit, in 2019. This vehicle wants to promote the energy transition and connectivity to create a sustainable future and has been included in different rounds of investment in IoT, cybersecurity or mobility. For example, it has obtained an injection of 7 million euros from the Valencian company Zeleros Hyperloop. Another Spanish company that he focused on was Countercraft, leading an increase of 5 million dollars (4.4 million euros). Other of its participations are Aerolaser System or Near Computing, although the amounts have not been indicated. In 2019 an investment of 100 million euros was estimated for the next five years.
On the other hand, there are also other companies that have created funds that have not yet closed movements. Santander jumped on the green bandwagon with the aim of creating a fund of 125 million euros for investment focused on the energy transition and aimed at its private banking clients. It was founded together with EIT InnoEnergy, which is led by Santiago Gil y Gil, senior investment director. Investments will be centralized in seed phase and early stage rounds; that is to say; that go in a ticket that is around 10 million, and will be destined to companies of energy transition, renewables, storage, intelligent electrical network, among others.
Klima Energy Transition is the fund led by Enagás and Alantra that has 210 million euros to mobilize in the sector. It has not yet made investments in Spain, but it has four foreign investees. The Spanish manager Azora also set to launch a venture capital fund with a target of 250 million to channel its European private equity strategy into companies related to sustainability. It’s been a few years since the climate technology sector (climatetech) has whetted investor appetite. Thus, many venture capital, funds and investment arms have invested in ‘green’ companies without the need to create a specialized fund. This is the case of Telefónica’s technology hub, Wayra, which has invested in green startups such as ClimateTrade, Solum or Ezzing Solar. Juan Roig’s investment company, Angels Capital, opted for Zeleros, Dcycle and Internxt, among others.