PGE launches new venture capital fund for innovation
Poland’s largest energy group PGE has launched a venture capital fund aimed primarily at investing in Polish innovation.
‘Rzeczpospolita’ newspaper has reported that the new Energy Research Capital investment fund will pledge 40 million PLN towards startups working in the Internet of Things and electromobility sectors.
The PGE Ventures fund already has two companies in its investment portfolio: laser treatment systems company Scanway and waste management innovation firm PiMerge.
The two will now be joined by Lerta, a company that works in the digital transformation of the energy sector, and Altligt, a smart system for managing accessories.
As part of its Internet of Things remit the ERC will also invest in Abyss Glass, a company producing interactive mirrors.
The ERC, which is co-financed by the National Center for Research and Development, will also be involved in unearthing projects in the early stages of development – evaluating their long-term commercial potential.
‘Rzeczpospolita’ reports that the project will form part of a bigger 400 million PLN investment the group plans to put into research, development and innovation.