VERBUND X Ventures invests in electrification fund Vireo Ventures to accelerate the energy transformation in Europe

Vireo Ventures, based in Berlin, focuses on early-stage startups throughout Europe, with an emphasis on pre-seed and seed investments at the forefront of the energy and mobility transition. The fund's impact-driven portfolio includes scalable digital solutions in the energy supply, mobility, transportation, buildings and industry sectors. From AI-based heating management to open-source solutions for electric vehicle charging, Vireo Ventures focuses on solutions that accelerate the electrification and decarbonization of energy systems.

A strategic step towards the energy transformation

For Michael Strugl, CEO of VERBUND AG, the investment is a strategic step towards achieving the European climate targets: “This investment underscores our efforts to contribute to achieving the climate targets. For VERBUND AG, the investment in Vireo Ventures represents a strategic opportunity to advance the energy transformation and to identify and support groundbreaking technologies through corporate venture capital.”
In this context, Franz Zöchbauer, Managing Director of VERBUND X Ventures, emphasizes the common strategic orientation of the two partners: “Vireo's focus on early-stage startups in the energy sector and its clear geographic focus on Europe are an ideal complement to our strategy. The experienced team has an impressive track record that not only gives us access to a first-class deal flow, but also creates significant synergies through shared expertise and co-investment opportunities. Together, we are able to identify and promote innovative technologies in a targeted manner to significantly advance the energy transformation.”

On the path to a sustainable and electrified future

With its first €50 million fund launched in 2023, Vireo Ventures already has an impressive track record of identifying and scaling startups. Among the most notable portfolio companies are Eco2Grow, which helps industrial SMEs adopt renewable energy; Green Fusion, an AI-powered heating management provider; and PIONIX, an open-source electric vehicle charging solution. By promoting impact-driven innovation, the Vireo Ventures portfolio shows how startups in the energy technology sector can make the European energy system more resilient, efficient and secure.
“We at Vireo Ventures are proud to have attracted such a high-profile investor as VERBUND X to our fund,” said Matthias Engel, Managing Partner of Vireo Ventures. “The partnership with VERBUND X gives us access to the extensive network of one of Europe's leading utilities, enabling us to jointly explore investment opportunities and validate market hypotheses. In addition, our portfolio companies will have valuable opportunities to collaborate with VERBUND's business units, promoting mutual growth and innovation.”

Investing in climate technologies is key to future-proofing Europe

Decarbonizing the energy supply is a crucial factor in securing Europe's future energy supply – this sector is responsible for around 70% of global CO₂ emissions resulting from the combined use of electricity, fuel and heat. In the face of geopolitical challenges, rising energy costs and increasing global competition, investments in European climate technology are more important than ever.
According to a recent report by Dealroom and SAP, startups in the field of electrification attracted 62% of all climate tech venture capital investments between 2019 and 2024. By investing in Vireo Ventures, VERBUND X Ventures is strengthening its position as an innovation leader in the energy industry and helping to further expand Europe as a center for energy technology innovation.

About Vireo Ventures

Vireo Ventures is an early-stage venture capital firm based in Berlin that focuses on investments in scalable start-ups that drive energy and mobility change through electrification and digital innovation. With its team of experienced industry experts, Vireo Ventures works closely with entrepreneurs to enable transformative solutions that are critical to decarbonization and sustainable growth.
Vireo Ventures launched its first €50 million fund in 2023, with a focus on digital solutions that improve energy efficiency, grid resilience and smart system management.
With the support of notable investors, such as the European Investment Fund (EIF) and EnBW New Ventures, Vireo Ventures is leading the transformation towards a greener and more resilient energy future.

For more information, visit: www.vireo.vc