RWE Innogy launches Innogy Venture Capital GmbH

Top Quote As of 1 October, RWE Innogy has founded Innogy Venture Capital GmbH. Therewith RWE Innogy is strengthening its venture capital activities, which it has pursued since 2008. End Quote
  • (1888PressRelease) October 04, 2010 - The aim is to drive forward innovative technology in the field of renewable energy sources. The investments are being made by Innogy Renewables Technology Fund I GmbH & Co. KG, a limited partnership likewise founded by RWE Innogy.

    Innogy Venture Capital remains a 100% RWE Innogy subsidiary. Crispin Leick has been appointed as Managing Director for the operational business (Chief Investment Officer), having been responsible for the venture capital activities since 2008. Aiwar Markow, who heads RWE Innogy's Finance Department, takes on the position of Managing Director for finance (Chief Financial Officer).

    "By restructuring our venture capital activities, we have taken a major step towards even more active positioning on the EU market and further strengthening of our venture capital focus. This paves the way to future competitive advantage and sustainable, profitable growth," explains Professor Fritz Vahrenholt, CEO of RWE Innogy. Crispin Leick, Innogy Venture Capital's Managing Director, adds: "The new venture capital fund structure ensures that our portfolio companies can receive all benefits as a Small Medium Enterprise (SME) according to EU law. Our experience with venture capital as an open approach to innovation has been highly positive. Building on this, the formation of the fund structure marks another milestone for RWE Innogy, as a driver of innovative, promising new technologies, new markets and alternative business models," explains Leick.

    Since its formation in 2008, RWE Innogy has taken shares in eight young technology companies throughout Europe, investing more than 50 million Euros as equity capital. Innogy is one of Europe's leading investors of venture capital in renewables.

    www.innogy-ventures.com

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