In 2017, the Group took a significant step in the energy ecosystem. We were the first among state-owned enterprises to actively invest in energy and clean technology startups worldwide by participating in venture capital markets. We collaborate with fund managers and startups to offer our clients innovative solutions and services.

Currently, the Group operates in two venture capital funds, committing to invest over €37 million. Learn how these investments contribute to the development of future unicorns, space technologies, and, most importantly – the energy sector of tomorrow.

How Do We Contribute to Energy Innovations?

Eight years ago, the Group established the first of a kind clean technology and energy-focused venture capital fund in the Baltics - the Smart Energy Fund, powered by Ignitis Group and managed by the Lithuanian company Contrarian Ventures. The fund invests in early-stage startups in clean energy technologies and electric mobility.

Since its inception, the fund has invested over €12 million in 28 companies across 11 countries. Among them is Lithuania-founded PV Case, aspiring to become a unicorn with its solar power plant software. Another notable startup, Satellite VU, launched the world's highest-resolution thermal imaging equipment into orbit in 2023. Additionally, the Group invested in the Israeli company H2Pro, which develops electrolysis technologies, alongside the Bill Gates risk capital fund Breakthrough Energy.

Following the unprecedented success of the first fund and to achieve net-zero emissions by 2040–2050, we did not stop. In 2023, we joined World Fund, a European climate technology venture capital fund. This fund invests in startups developing technologies to combat climate change, and we have committed €25 million to the €300+ million fund.

Some of the most promising startups in the fund include Finland-based IQM, which develops quantum computing solutions; MissionZero, focused on CO₂ removal technologies; and Juicy Marbles, creating sustainable plant-based meat alternatives.

Why Are These Activities Important to the Group?

Investing in promising companies generates financial returns and directly contributes to technological breakthroughs in energy and the fight against climate change. Furthermore, we gain access to the latest technologies and solutions developed by startups, which we test and integrate into our Group's operations.

We have already implemented several solutions with these startups. The Energy Smart mobile app incorporates digital solutions from Swedish company Eliq and Estonian Gridio. We collaborate with Fusebox to develop demand response solutions and virtual power plants. Additionally, we have tested innovative network monitoring solutions with drone innovators Thrust and distribution network analytics company Hepta.

The Group's Innovation Development Team oversees the management and administration of venture capital funds. Each year, the team carefully selects and evaluates thousands of startup solutions, determining which innovations can be implemented within the Group to bring our clients the latest technologies and services. This collaboration with startups allows us to find new solutions in the rapidly evolving energy sector swiftly and fosters the entire #EnergySmart ecosystem.