International energy consultancy DNV GL has launched a new venture capital arm to back as many as four energy transition start-ups in 2020 with between €500,000-€2m each as it kicks off the four-year scheme, according to the head of the fund.
The venture fund, hatched to address the challenges of a “decade of transformations” driven by the shift from a fossil fuel-based global power system to one run on renewables as well as a digitalisation-led industrial revolution, expected to build a portfolio of between 15-20 companies through to 2023, taking stakes of up to 20% in each.
