EIF invests €35M in Adara Ventures Energy Fund
We are proud to announce today that the European Investment Fund (EIF) has invested €35 million in the Adara Ventures Energy Fund, our new energy transition fund. 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.
The fund has a target size of €120 million to invest in cutting-edge technologies and solutions that accelerate the energy transition in Europe. After 20 years of a successful track record in deep tech investments across Europe, Adara is naturally expanding to tackle one of the European economy's most complex challenges: balancing the Energy Trilemma to create an energy system that is reliable, affordable, and sustainable.
“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.”
– EIF Chief Executive Officer Marjut Falkstedt
The EIF investment in Adara Venture’s Energy Fund is aligned with the EIB Group’s climate action strategic priority and the goal to mobilize 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.
Redeia, through its innovation arm Elewit, and Grupo Energía Bogotá share a bold vision for the role of large corporations in transforming energy systems. The Fund will back their innovative initiatives, striving to enhance their competitiveness and efficiency.
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.
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“We are excited to partner again with the European Investment Fund, marking our fifth collaboration. Redeia has reaffirmed its commitment to previous investments in Adara funds and become the first investor to officially support this new vehicle. We are proud to be the inaugural Fund Manager that Grupo Energía Bogotá trusts to embark on their Venture Capital journey. 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.”
– Alberto Gómez, Founding Partner at Adara Ventures
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.
Read more via European Investment Fund: https://www.eif.org/what_we_do/guarantees/news/2024/eif-invests-35-million-in-adara-ventures-energy-fund-to-support-energy-transition-technologies.htm
Read more via Elewit: https://www.elewit.ventures/es/actualidad/elewit-grupo-dunas-lanzan-un-fondo-de-inversion-junto-adara-ventures-para-promover-el-desarrollo-tecnologico-en-la-transicion-energetica
