EIF commits €35m to Move Energy Fund I to accelerate the energy transition

• With the EIF’s backing, Move Energy’s fund will invest in hard- and software ventures that accelerate the energy transition.
• The fund specifically targets early stage ventures focused on decarbonising power, transport and buildings, given their significant contribution to CO₂ emissions, a primary driver of global warming.
• The EIF’s investment is backed under the InvestEU initiative of the European Commission.

Luxembourg/Brussels/Amsterdam, 21 November 2024: Amsterdam-based Move Energy’s venture capital “Fund I” has landed a €35 million commitment from the European Investment Fund (EIF). Move Energy Fund I specialises in Series A funding for transformative European hardware and software ventures that accelerate the energy transition. The Fund specifically targets decarbonising the power and transport sectors, as well as buildings, as together they contribute 55% of global CO₂ emissions. 

The EIF’s commitment, combined with prior commitments from more than 30 investors including cornerstone investor Pon Holdings, brings the Fund’s total commitments above €100 million. Previously, Move Energy agreed a €10 million commitment with Invest-NL through the Dutch Future Fund II, in which the EIF is also a partner. So far, the Fund has invested in five companies and intends to hold its final close by the end of Q1 2025, with a hard cap of €150 million.

“This investment reflects our commitment to driving the energy transition.” says Marjut Falkstedt, Chief Executive of the EIF. “As COP29 has highlighted once again, limiting global warming and the shift towards sustainable energy production, consumption and mobility, are critical in the fight against climate change. Private initiatives like this one are a signal that the market also sees economic opportunities in this context, and we are here to support them.”

Lex Roukens, Managing Partner at Move Energy, commented: “We are thrilled to welcome the EIF as a key investor. This commitment validates our mission and strategy and paves the way for further growth. We look forward to collaborating with the EIF to support groundbreaking European ventures in decarbonising power, transport, and buildings.”

Background information:

The European Investment Fund is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized enterprises (SMEs) by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, the EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments previously available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners who will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

Move Energy is a venture capital specialist dedicated to supporting early-stage companies pioneering hardware and software solutions to decarbonise the power, transport, and buildings sectors. With a focus on impact-driven investments, Move Energy aims to support the next generation of transformative ventures contributing to a more sustainable world.

Press contacts:

EIB Group:Tim Smit | +352 691 28 64 23 | t.smit@eib.org

European Commission: Ignazio Cocchiere | +32 2 29 82261 | ignazio.cocchiere@ec.europa.eu

Move Energy: Friso Bensdorp | friso@moveenergy.vc