HTGF and Innogy back enercast

The fresh funding, understood to be worth between €1-5m, will be used for further expansion in Europe and entry to the US market.

Innogy cited the fact enercast met all its initial growth expectations as a reason to reinvest.

The venture capital firm concentrates on companies in the renewable energy technologies space, particularly in carbon-neutral start-ups focusing on energy storage. It is backed by German utility RWE Innogy and CEE, the investment arm of Lampe Bank Group.

HTGF usually commits €500,000 in the first round of financing, and commits up to €2m to its portfolio companies in total. It is currently investing from its €304m HTGF Fund II.

Previous funding
Innogy and HTGF invested around €2.25m in enercast in April 2012. Innogy used its €115m Innogy Renewables Technology Fund I to finance the deal.

Company
Headquartered in Kassel, enercast is a forecasting specialist for renewable energies. Founded in 2011, it develops apps that allow the integration of wind and solar energy into electricity grids and energy markets. It has 25 employees.

People
Thomas Landgraf is CEO of enercast. Crispin Leick is managing director of Innogy. Markus Kressman is investment director at enercast.

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• Topics
• DACH
• Expansion
• Technology
• Germany
• High-Tech Gründerfonds
• Innogy Venture Capital