Volkswagen invests in EU-backed fund

EIT InnoEnergy and will become a shareholder in the EU-backed venture

Reuters November 04, 2021


Volkswagen is expanding its green strategy by investing in an EU-backed fund to jointly support technology firms in the field of energy transformation. The carmaker, which has committed to becoming carbon neutral by 2050, said on Wednesday it had entered a strategic partnership with EIT InnoEnergy and will become a shareholder in the EU-backed venture. The move is in line with other steps by Volkswagen, which in September unveiled plans to set up its own €300 million ($348 million) venture capital fund to invest in decarbonisation projects and start-ups in the field. “The idea is simply ... to use InnoEnergy as an additional way to find interesting enterprises and support them in scaling up their business models,” said Volkswagen’s Head of Group Mergers and Acquisitions, Investment Advisory and Partnerships Jens Wiese.

Published in The Express Tribune, November 4th, 2021.

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