EDF sponsors new cleantech VC fund

French energy company EDF has partnered with private equity house Idinvest Partners to launch cleantech venture capital fund Electranova Capital.

The fund has already raised €40m and will be managed independently by Idinvest Partners.

The move by EDF follows recent initiatives launched by other French corporates making a push into venture. France Télécom and Publicis committed €150m to the OpVenture family of funds managed by Iris Capital – of which they also acquired a 24.5% stake.

France also saw SNCF, France Télécom, PSA Peugeot Citroën and Total launch the €30m Ecomobilité Ventures vehicle at the end of 2011.

Investors
EDF committed €30m to the project while Allianz, the first institutional LP to invest in the vehicle, contributed €10m.

The search for investors will continue throughout 2012 and discussions with several potential LPs are already underway.

Investments
Electranova will finance start-ups active in the energy sector, both in France and Europe, via minority shareholdings.

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