Berlin-based Nuventura develops switchgear (GIS) technologies that support the energy industry’s transition away from SF6 - the world’s strongest greenhouse gas, with 25,200x more global warming power than carbon dioxide
€25 million Series A funding round will be used to expand Nuventura’s product portfolio and increase its global manufacturing capabilities
This round is led by Mirova, the affiliate of Natixis Investment Manager dedicated to sustainable investment, alongside new and existing investors
Nuventura, a leading provider of SF6-free, medium-voltage (MV) gas-insulated switchgear (GIS) technologies, today announces the completion of a €25 million Series A investment round.
The round is led by Mirova, through its impact private equity Mirova Environment Acceleration Capital fund, alongside new investors Forward.one and EIC Fund, and existing investors IBB Ventures, ADB Ventures, Cycle Group, Future Energy Ventures, and DOEN Participaties. The funding brings total investment in Nuventura to more than €35 million.
The capital will be used towards expanding Nuventura’s product portfolio and the further development of its manufacturing capabilities around the world, as the company continues to drive the global energy industry’s transition away from harmful greenhouse gas-based technology infrastructure.
Dr Fabian Lemke, Nuventura Co-founder and CEO, comments: “This is an extremely exciting time to be in this sector. Greater appreciation for the environmental threats posed by SF6 and accompanying regulatory oversight means that Nuventura, with our dry-air alternatives, is very much in the right place at the right time. This funding round is evidence of that and puts us in an ideal position to expand our operations internationally and continue providing sustainable switchgear alternatives for different use-cases together with our valued business partners around the globe.”
Anne Boulet, Investment Manager at Mirova, comments: “The purpose of Mirova’s environmental impact strategy is to foster the growth of innovative companies having a positive environmental impact. As the drive towards a progressive SF6 phase out is increasing, we are thrilled to have been given the opportunity to support Nuventura’s great team in their international expansion and as such actively contribute to decarbonising the energy industry.”
About Nuventura and sustainable switchgear:
Berlin-based Nuventura specialises in the development of environmentally friendly gas-insulated switchgear: key hardware components found throughout electrical grids and energy infrastructure. Its patented technology replaces industry-standard sulphur hexafluoride (SF6) - the world’s strongest greenhouse gas, with 25,200x more global warming power than carbon dioxide - with dry air. There is significant urgency to implement these alternative technologies as regulators start to phase out SF6’s use in energy infrastructure due to its significant negative environmental impact.
Nuventura works with original equipment manufacturers, EPC providers, and project developers in sharing its technology and dividing the value chain through a partnership model, with the aim of accelerating and facilitating the energy industry’s transition away from SF6. In so doing, Nuventura helps companies become compliant with imminent international regulation focused on the use of SF6 in switchgear and extend their product portfolios for new market segments in parallel.
About Mirova
Mirova is a management company dedicated to sustainable investment and an affiliate of Natixis Investment Managers. Through conviction management, Mirova's goal is to combine long-term value creation and sustainable development. Pioneers in many areas of sustainable finance, Mirova's talents aim to continue innovating in order to offer their clients solutions with high environmental and social impact. Mirova and its affiliates manage €25.3 billion as of September 30, 2022. Mirova is a mission driven company, labelled B Corp*.
Natixis Investment Managers’ multi-affiliate approach connects clients to the independent thinking and focused expertise of more than 15 active managers. Ranked among the world’s largest asset managers1 with more than $1.2 trillion assets under management2 (€1.1 trillion), Natixis Investment Managers delivers a diverse range of solutions across asset classes, styles, and vehicles, including innovative environmental, social, and governance (ESG) strategies and products dedicated to advancing sustainable finance. The firm partners with clients in order to understand their unique needs and provide insights and investment solutions tailored to their long-term goals.
About FORWARD.one
FORWARD.one is a venture capital fund based in the Netherlands focused on deeptech hardware start-ups. FORWARD.one manages 200 million euros across multiple funds, with investments in Climate Tech, Semiconductors/Quantum and Industrial High Tech companies. With a team of financial professionals and technology entrepreneurs, FORWARD.one actively supports their portfolio companies to achieve their goals and ambitions.
About Future Energy Ventures
Future Energy Ventures is the venture capital investment and collaboration platform of E.ON. It invests in digital and digitally enabled technologies and business models that have the potential to redefine the future energy landscape. Typically focusing on digital, scalable and asset-light companies seeking Series A and B funding, Future Energy Ventures seeks to capitalise on the investment opportunities presented by the transition to this new energy future and maximise scaling opportunities for its portfolio.
About EIC Fund The European Innovation Council Fund from the European Commission is an agnostic Fund: it invests across all technologies and verticals, and all EU countries and countries associated to Horizon Europe. It provides the investment component of the EIC Accelerator blended finance.
The EIC Fund aims to fill a critical financing gap and its main purpose is to support companies in the development and commercialisation of disruptive technologies, bridging with and crowding in market players, and further sharing risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding. The Fund pays particular attention to the empowerment and support of female founders as well as the ambition to reduce the innovation divide among EU countries.
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