New fund has a €120 million target size to invest in early-stage companies specialising in technologies enabling the transition to clean energy.
EIF investment contributes to the EIB Group’s climate action strategic priority and supports breakthrough technologies leading to a net zero economy.
Investment is part of the REPowerEU plan to increase energy security by reducing EU dependence on fossil-fuel imports.

The European Investment Fund (EIF) has invested €35 million in Adara Ventures Energy Fund, the new energy transition fund launched by Adara Ventures, a Spain-based early-stage venture capital investment firm. The new fund has a target size of €120 million to invest in cutting-edge technologies and solutions that accelerate the energy transition in Europe. It will focus on early-stage companies with technical strengths in software, data, components, and devices.

EIF Chief Executive Officer Marjut Falkstedt, said, “Supporting early-stage energy tech companies is critical if we want to address energy sustainability, affordability and security effectively. Our investment in Adara Venture’s Energy Fund responds to this need, fostering the energy transition in Europe and contributing to the strategic autonomy of the European Union.”

The EIF investment in Adara Venture’s Energy Fund is aligned with the EIB Group’s climate action strategic priority and the goal to mobilise private and public finance to ensure a green transition that benefits citizens, businesses and investors. The investment will also support the decarbonisation objectives of the European Green Deal and is part of the EIB Group package to support the REPowerEU plan in ensuring energy security and reducing EU dependence on fossil-fuel imports.

Adara Ventures Energy Fund is classified under Article 9 of the EU Sustainable Finance Disclosure Regulation (SFDR) for its commitment to sustainable investment objectives and environmental goals. The fund will be co-managed by Alberto Gómez, Founding Partner of Adara Ventures, and Alberto Echeverri, a Partner at Adara Ventures and seasoned executive formerly at Siemens Energy and General Electric.

Together with other investors including Redeia, the global operator of essential electricity and telecommunications infrastructure in Spain (via its technology platform Elewit), and the energy holding company Grupo Energía Bogotá, the fund is now in a position to start deploying capital.

¨We are excited to partner again with the European Investment Fund, marking our fifth collaboration. This new fund is the natural expansion of Adara Ventures' capabilities - empowering early-stage deep-tech ventures - into the energy transition field. We look forward to supporting European startups, leveraging new data solutions and components, to enable the energy transition¨, said Alberto Gómez, Founding Partner at Adara Ventures.

Background information

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

Press 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

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.

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