16/05/2012 - EDF Group Launches €60 Million Investment Fund for UK Energy SMEs
The Electranova Capital Fund is a new venture capital scheme designed to support businesses operating in the energy sector. The Fund aims to encourage innovative low-carbon projects, focusing on new technologies for energy production and usage.
Sponsoring body EDF Group states that the Fund's creation fits in with the worldwide context of an ever-evolving energy mix, characterised by countless innovations. It says "new questions are being asked, particularly about the development of smart grids, the arrival of electric vehicles, advances in energy efficiency and renewable energy, and electricity storage."
The programme has an overall funding endowment of €60 million. Individual investment levels per supported project are not stipulated.
As part of the scheme, EDF will also offer successful candidates cleantech expertise through its research & development (R&D) team as well as the opportunity to forge ties and nurture partnerships with the Group's other departments.
The scheme is specifically targeting applications from start-up and young companies operating in the energy sector in the UK. The applicant business should have strong growth potential in Europe.
Speaking about the launch of the programme, EDF Group R&D Director Bernard Salha, said:
"EDF R&D is already very involved in projects focusing on the development of renewable energies, storage, smart grids, electric vehicles and energy efficiency, and with Electranova Capital, it is keen to consolidate its commitment to innovation and contribute to an industrial impetus in technology that respects the environment."
The Group's Finance Director, Thomas Piquemal, added:
"By funding innovative start-ups, the EDF group's goal is to identify new technologies and business models in order to improve performance, and see new products and prospects for growth emerge."
There are no stated deadlines; therefore applications for support may be submitted at any time.
Source: EDF Group, 16/05/2012
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