VERBUND X Ventures invests in Vireo Ventures’ Electrification Fund to speed up the energy transition in Europe

VERBUND X Ventures, the corporate venture capital unit of Austria’s leading energy supplier VERBUND, has made a strategic investment in Vireo Ventures – a European early-stage venture capital fund focused on electrification and digitalisation. This partnership underlines VERBUND’s ongoing commitment to promoting innovation in the energy sector through purposeful investment in funds. VERBUND X Ventures is now one of the largest strategic investors in Vireo Ventures alongside the European Investment Fund and EnBW Ventures.

Vireo Ventures, based in Berlin, focuses on early-stage startups across Europe, with a focus on pre-seed and seed investments at the forefront of the energy and mobility transition. The fund’s portfolio with a focus on impact includes scalable digital solutions for energy supply, mobility, transport, buildings and industry. From AI-based heating management to open-source solutions for electric vehicle charging, Vireo Ventures focuses on solutions that speed up the electrification and decarbonisation of energy systems.

A strategic step towards the energy transition

For Michael Strugl, CEO of VERBUND AG, the investment is a strategic step towards achieving the European climate targets: “This investment underlines our efforts to contribute to reaching the climate targets. For VERBUND AG, the equity interest in Vireo Ventures represents a strategic opportunity to drive the energy transition forward and to identify and support pioneering technologies through corporate venture capital.”

In this context, Franz Zöchbauer, Managing Director of VERBUND X Ventures, captures this shared strategic alignment perfectly: “Vireo’s focus on early-stage energy tech startups in Europe fits seamlessly with our strategy. Its experienced team, with a strong track record, opens the door to a top-tier deal flow while creating valuable synergies through shared expertise and co-investment opportunities. Together, we can identify and scale innovative technologies to make a meaningful impact on the energy transition.”

Towards a sustainable and electrified future

With its first 50-million-euro fund, launched in 2023, Vireo Ventures already has an impressive track record of identifying and scaling startups. Among the most notable portfolio companies are Eco2Grow, which assists SMEs from industry with the introduction of renewable energy, Green Fusion, a provider of AI-based heating management, and PIONIX, an open-source solution for charging electric vehicles. By promoting these kinds of innovations with a focus on impact, Vireo Ventures’ portfolio shows how energy tech startups can make the European energy system more resilient, efficient and secure.

“At Vireo Ventures, we are proud to have acquired such a high-profile investor as VERBUND X for our fund,” says Matthias Engel, Managing Partner of Vireo Ventures. “The partnership with VERBUND X gives us access to the extensive network of one of Europe’s leading utilities and enables us to jointly explore investment opportunities and validate market hypotheses. Our portfolio companies will also have valuable opportunities to collaborate with VERBUND’s operating segments, fostering mutual growth and innovation.”

Investing in climate technologies is key to Europe’s sustainable future

Decarbonising the energy supply is a key factor for a future-proof European energy supply – this sector is responsible for around 70 per cent of global CO₂ emissions resulting from the shared use of electricity, fuel and heat. In the face of geopolitical challenges, rising energy costs and increasing global competition, investment in European climate technology is more important than ever.

According to a recent report by Dealroom and SAP, startups in the electrification sector attracted 62 per cent of all climate tech venture capital investments between 2019 and 2024. By having an equity interest in Vireo Ventures, VERBUND X Ventures is strengthening its position as an innovation leader in the energy sector and helping to develop Europe as a centre for energy tech innovations.

About Vireo Ventures

Vireo Ventures is an early-stage venture capital company based in Berlin that focuses on investments in scalable startups that drive the energy and mobility transition through cutting-edge electrification and digital innovations. With its team of experienced industry experts, Vireo Ventures works closely with entrepreneurs to enable transformative solutions that are critical to decarbonisation and sustainable growth.

Vireo Ventures launched its first 50-million-euro fund in 2023, focussing on digital solutions that improve energy efficiency, grid resilience and intelligent systems management.

Vireo Ventures is leading the way towards a greener and more resilient energy future with the support of well-known investors such as the European Investment Fund (EIF) and EnBW New Ventures.

More information: www.vireo.vc