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EIP launches €390M European climate-tech fund

Illustration of a screen and keyboard tied up by the circle of stars from the EU logo.  

Illustration: Aïda Amer/Axios

The veteran climate-tech VC Energy Impact Partners has closed its first European-focused fund at €390 million (~$395 million), with backing from Microsoft's Climate Innovation Fund.

Why it matters: EIP has a sizable team in Europe, but its headquarters is in New York City. The new European fund will largely focus on companies that the firm hopes to eventually introduce to the U.S. market.

Details: The fund draws heavily from corporate VCs, such as EDF Pulse Ventures and Shell Ventures, in addition to the Microsoft climate fund.

  • Further investors: the Abu Dhabi Investment Authority, AGL Energy, APG, Chubu, DNV, Ewe AG, Ferrovial, Fortum, Galp, Mainova AG, Nysnø Climate Investments and TrønderEnergi AS.
  • The fund has invested in nine companies, including Grover and ESG Book.
  • It's targeting investments of €10 million to €35 million, but may go as high as €100 million. It will largely focus on Series A to C rounds as either a majority or minority investor.

What they're saying: "We have a dedicated team to make sure that these companies that are in Europe, in particular, make their way to the all-important U.S. market," Nazo Moosa, co-managing partner for EIP Europe, tells Axios.

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