VERBUND X Ventures invests in Electrification Fund Vireo Ventures to accelerate energy transformation 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 with a focus on electrification and digitalization. 

This partnership underlines VERBUND's ongoing commitment to promoting innovation in the energy sector through targeted fund investment. VERBUND X Ventures is now one of the largest strategic investors in Vireo Ventures alongside the European Investment Fund and EnBW Ventures.

Based in Berlin, Vireo Ventures 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 impact-focused portfolio includes scalable digital solutions in the energy, mobility, transport, buildings and industry sectors. From AI-based heating management to open-source solutions for electric vehicle charging, Vireo Ventures focuses on solutions that accelerate the electrification and decarbonization of energy systems.

Strategic step towards energy transformation
For Michael Strugl, CEO of VERBUND AG, the investment is a strategic step towards achieving the European climate goals: "This investment underlines our efforts to contribute to achieving the climate goals. For VERBUND AG, the investment in Vireo Ventures represents a strategic opportunity to drive the energy transformation forward and to identify and support groundbreaking technologies through corporate venture capital."

Franz Zöchbauer, MD of VERBUND X Ventures, underlines the common strategic direction of the two partners: "Vireo's focus on early-stage startups in the energy sector and its clear geographical focus on Europe ideally complement our strategy. 

"The experienced team impresses with a convincing track record that not only gives us access to a first-class deal flow, but also creates significant synergies through shared expertise and co-investment opportunities. Together, we are able to specifically identify and promote innovative technologies in order to decisively advance the energy transformation."

Towards sustainable and electrified future
With its first €50 million fund launched in 2023, Vireo Ventures already has an impressive track record in identifying and scaling startups. The most notable portfolio companies include Eco2Grow, which supports industrial SMEs in adopting renewable energy, Green Fusion, a provider of AI-based heating management, and PIONIX, an open-source solution for charging electric vehicles. 

By supporting such impact-driven innovations, Vireo Ventures' portfolio shows how energy tech startups can make the European energy system more resilient, efficient and secure.

“We, at Vireo Ventures are proud to have such a high-caliber investor as VERBUND X for our fund,” said Matthias Engel, Managing Partner. “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. 

"In addition, our portfolio companies receive valuable opportunities to collaborate with VERBUND's business units, thereby promoting mutual growth and innovation.”

Investments in climate technologies key to Europe's future security
Decarbonizing the energy supply is a key factor for future-proofing Europe's energy supply - this sector is responsible for around 70% of global CO₂ emissions resulting from the shared use of electricity, fuel and heat. In view of geopolitical challenges, rising energy costs and increasing global competition, investments in European climate technology are more important than ever.

According to a recent report by Dealroom and SAP, electrification startups attracted 62% of all climate tech venture capital investments between 2019 and 2024. By investing in Vireo Ventures, VERBUND X Ventures is strengthening its position as an innovation leader in the energy industry and helping to further develop Europe as a center for energy technology innovation.