EIF Injects €35 Million into Adara Ventures Energy Fund to Propel Clean Energy Innovations

EIF Injects €35 Million into Adara Ventures Energy Fund to Propel Clean Energy Innovations

(IN BRIEF) On 5 September 2024, the European Investment Fund (EIF) announced a €35 million investment in Adara Ventures’ newly launched Energy Fund. With a target size of €120 million, the fund aims to support early-stage companies specializing in technologies that accelerate the transition to clean energy. This investment aligns with the EIF’s strategic climate action goals and the European Green Deal’s decarbonization targets, while also contributing to the REPowerEU plan’s objective to enhance energy security and reduce fossil fuel dependence. The fund, managed by Alberto Gómez and Alberto Echeverri, will deploy capital to innovative energy tech startups across Europe.

(PRESS RELEASE) LUXEMBOURG, 5-Sep-2024 — /EuropaWire/ — In a significant move to accelerate Europe’s clean energy transition, Adara Ventures has secured a €35 million investment from the European Investment Fund (EIF) for its newly launched Adara Ventures Energy Fund. This fund, with an ambitious target size of €120 million, aims to fuel early-stage companies specializing in breakthrough energy transition technologies.

The Adara Ventures Energy Fund is strategically focused on pioneering technologies that promise to revolutionize the clean energy landscape. By investing in early-stage firms with expertise in software, data solutions, components, and devices, the fund seeks to drive the shift towards a sustainable and net-zero economy.

Marjut Falkstedt, EIF Chief Executive Officer, emphasized the importance of supporting innovative energy tech companies. “Our commitment to the energy transition is vital for enhancing sustainability, affordability, and security across Europe. This investment in Adara Ventures’ Energy Fund is a crucial step towards achieving these goals and strengthening the European Union’s strategic energy autonomy.”

The EIF’s investment aligns with the European Investment Bank Group’s climate action priorities, underpinning its efforts to mobilize both private and public capital for a greener future. The funding also supports the European Green Deal’s decarbonisation targets and contributes to the REPowerEU plan, designed to bolster energy security and decrease reliance on fossil fuels.

Under Article 9 of the EU Sustainable Finance Disclosure Regulation (SFDR), the Adara Ventures Energy Fund is recognized for its dedication to sustainable investment and environmental objectives. The fund will be co-managed by Alberto Gómez, Adara Ventures’ Founding Partner, and Alberto Echeverri, a Partner with extensive experience from Siemens Energy and General Electric.

In addition to EIF, the fund has garnered support from other notable investors, including Redeia and Grupo Energía Bogotá. With this robust backing, the fund is poised to begin capital deployment and drive forward innovative solutions in the energy sector.

Alberto Gómez, Founding Partner at Adara Ventures, expressed enthusiasm about the partnership, “Our ongoing collaboration with the EIF marks a pivotal expansion into the energy transition arena. We are eager to support European startups with cutting-edge technologies to advance the energy transition and foster sustainable growth.”

About Adara Ventures

Adara Ventures is a leading venture capital firm based in Spain, specializing in early-stage investments in deep-tech ventures. With a focus on innovative solutions, the firm supports startups that drive technological advancements and address global challenges.

About the European Investment Fund

The European Investment Fund (EIF) is part of the European Investment Bank Group (EIB Group). Its central mission is to support Europe’s micro, small and medium-sized businesses (SMEs) by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments that specifically target this market segment. In this role, it contributes to the achievement of key EU policy goals such as competitiveness and growth, innovation and digitalisation, social impact, skills and human capital, climate action and environmental sustainability.

The EIB Group, consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures in Spain of €11.4 billion in 2023, approximately €6.8 billion of which went to climate action and environmental sustainability projects. Globally, the EIB Group signed €88 billion of new financing in 2023.

About Adara Ventures

Adara Ventures invests in ambitious businesses, partnering with founders with the capacity, courage, and vision to execute. The firm has invested in over 46 companies, including industry leaders such as Seedtag, AlienVault, Playgiga, and ADD Semiconductor, and manages over €250m in capital. Adara Ventures’ portfolio includes companies dedicated to cybersecurity, applied AI, data infrastructure, hardware components, digital health, and the energy transition. For more information, visit www.adara.vc

Media Contacts:

EIF:
Maite Cordero
m.corderomunoz@eib.org
tel.: +34 606 66 82 62
Website: www.eif.org – X: @eif_eu

Adara Ventures:
news@adara.vc
Website: https://adara.vc
LinkedIn: https://www.linkedin.com/company/adaravc
Tel. +34 91 451 70 70

SOURCE: European Investment Fund