It is backed by the European Investment Fund (EIF), which has contributed €35 million of Adara Ventures Energy I's planned overall investment of €120 million.
It will support early-stage companies specialising in the development of innovative technologies that accelerate the transition to a new, decarbonised energy model.
Elewit, Redeia's technology platform, and Grupo Dunas, a subsidiary of Grupo Energía Bogotá, have chosen Adara Ventures (a venture capital firm that invests in early-stage companies) to create Adara Ventures Energy I, an energy investment fund backed by the European Investment Fund (EIF) with €35 million, and a total global investment of €120 million that will finance innovative solutions to accelerate the ecological transition.
This fund, which will be managed by Adara Ventures, will provide its investor companies with greater competitiveness and efficiency in their activity, as well as access to the most cutting-edge and disruptive innovation. This, in turn, will contribute to the transformation of the European energy scenario towards a more sustainable and decarbonised one. Adara Ventures Energy I is intended as a tool to contribute to the climate goals of promoting renewables, grid development and modernisation, as well as energy efficiency.
In this sense, the EIF's objective for the new fund will be to identify and promote the future generation of innovative technology in Europe and America, focusing on projects that will play a crucial role in guaranteeing a quality electricity supply with energy security, efficiency, and sustainability. By investing in early-stage companies with expertise in software, data, components, and devices, the EIF will support the innovation and venture capital activities of Elewit and Grupo Energía Bogotá, placing them at the forefront of market trends.
The new Adara Ventures Energy I fund is classified under Article 9 of the Sustainable Finance Disclosure Regulation (SFDR) for its commitment to sustainable investment objectives and environmental goals to combat climate change. This is the first venture capital fund operation of the EIF under this article in Southern Europe. Alberto Gómez, founding partner of Adara Ventures, and Alberto Echeverri, partner of Adara Ventures, will co-manage the fund. Elewit and Grupo Energía Bogotá will participate as members of the fund's Industrial Advisory Committee, which is made up of energy corporations and industry leaders.
"Adara has has been a constant supporter of the best technology entrepreneurs in Europe, and by launching this energy investment fund, Elewit, and therefore Redeia, is now strengthening their bond with Adara and other leading partners to further enhance visibility and provide exposure to the brightest minds across Europe and the Americas, creating new leaders in energy-related technology sectors," stated Silvia Bruno, Director of Elewit.
"By participating in this fund, our goal is to support the most innovative technological solutions and facilitate their integration into our operating units and processes with a solid commitment to continue increasing our efforts on sustainability, boosting the energy transition and improving quality of life for people in our region. This partnership consolidates our commitment to attract the best global solutions for the sustainable transformation of Latin America through the energy sector," commented Álvaro Villasante, Vice President of Innovation and Business Management at GEB.
"We look forward to working together with Elewit, Grupo Energía Bogotá, and the other players in the energy value chain to help build stronger connections between startups and corporations in the energy technology sector. This partnership will create valuable business opportunities for founders and help us make better informed investment decisions," explained Alberto Gomez, founding partner of Adara Ventures.
About Elewit
Elewit is the technology platform of Redeia, a global manager of essential energy and connectivity infrastructures. It was founded in 2019 to address the new challenges in the electricity and telecommunications sectors. Its mission includes driving the energy and digital transition and contributing to building a more sustainable future.
About Grupo Dunas
Grupo Dunas is a Peruvian subsidiary of Grupo Energía Bogotá (GEB) made up of the companies Electrodunas, Perú Power Company, and Cantalloc, dedicated to electricity transmission, development of solutions and project execution. This holding company serves over 250,000 customers in the Ica region and was acquired by GEB in 2019.
About Adara Ventures
Adara Ventures invests in ambitious companies, partnering with founders that have the ability, courage, and vision to see their projects through to fruition. The firm has invested in over 45 companies, including industry giants such as Seedtag, AlienVault, Playgiga, and ADD Semiconductor, and manages over €250 million equity. Adara focuses on companies involved in cybersecurity, applied artificial intelligence, data infrastructure, hardware components, digital health, and the energy transition.