Innogy Innovation Hub has swollen its start-up portfolio to nearly 90 companies following a frantic 2018.
The division, which invests and mentors technology-led start-up companies across the world, is funded by innogy and invested in more than 60 companies last year, taking its portfolio value to €162 million, representative of a 50% jump year-on-year.
It invests in technologies and business models that could be beneficial as the energy transition accelerates, ranging from pre-seed funding to Series D financing rounds. Alongside investments, innogy Innovation Hub also provides knowledge of the energy sector itself and access to networks elsewhere.
Investments have been made into companies such as Finnish AI start-up SkenarioLabs, EV tech platform provider Mojio, and smart power grid maintenance provider Sterblue.
Thomas Birr, chief executive at innogy Innovation Hub and senior VP for innovation and business transformation at innogy, said the firm’s hybrid approach of combining traditional corporate venture capitalist funding with accelerator and angel investing had given it “unparalleled access” to “the most promising start-ups”.
“In a short space of time, we’ve built a team, culture and organisation that drives exponential growth rather than incremental change. We’re looking forward to developing this approach as we continue to invest in the companies that will help build the future of energy,” he said.
Earlier this year Current± spoke to innogy Innovation Hub’s Mickey Steiner about its approach to investments and what the division looked for when it came to identifying potential start-ups.