Amsterdam, March 30, 2017: SET Ventures, the management company for SET Fund I and II, successfully closed on a final commitment for SET Fund II. TenneT Holding BV has become the 10th Limited Partner (“LP”) in the fund.
The energy sector is changing fundamentally. The generation of electricity is moving from large, fossil fuel based power plants to energy production at non-conventional locations, based on renewable sources like solar, wind and geothermal. Within the transition, we see increases in the fluctuations in the electricity supply that need to be balanced with the demand of electricity in order to maintain the highest level of service.
Since its founding in 2007 SET Ventures has been an early mover in this transition and has successfully invested in, and exited, multiple European ‘early growth stage’ technology companies that impact the generation, distribution, storage and use of energy.
TenneT is at the heart of these developments, where a lot of new technologies and solutions will come to the market. To have a ‘window on these developments in Europe’ they have now teamed up with SET Ventures.
Rene Kerkmeester, in charge of TenneT’s Digital Transformation Program: “By doing this investment (in SET Fund II), TenneT implements a structured approach to market scouting thereby gaining insight in the latest market developments in the combined field of electricity and digitalization. These insights will allow TenneT to faster respond to the demands of the new emerging energy landscape characterized by increased volatility, decentralization and need for flexibility. SET Ventures has a proven track record and they have demonstrated a deep understanding of the sector developments.”
“It goes without saying that we are very pleased with the fact that TenneT has selected SET as the venture capital firm to work with in the journey to create a solid path towards the future of the energy sector”, says René Savelsberg, Managing Director and CEO of SET Ventures. “At the same time we are extremely excited about interacting with TenneT and having additional access to knowledge at the core of our investment priority in ‘smart energy solutions’.
The initial cornerstone investors in SET Fund II are the energy utilities Essent (part of the RWE) and PZEM (fka DELTA), who were joined by Topfonds Gelderland in 2014. SET Fund II’s other LPs joined in December 2015 and include: the European Investment Fund (through the Dutch Venture Initiative mandate, and through two European Commission mandates InnovFin and COSME); Shell (Shell Technology Ventures); Finland-based innovation fund SITRA; Belgium-based family office Korys; and the Brabant Development Agency (BOM) through their Innovatiefonds Brabant mandate.
About SET Ventures:
Since 2007 Amsterdam-based SET Ventures has invested in European technology companies that impact the future of energy and the energy sector. We have focussed broadly on innovative energy generation, energy distribution and storage and energy efficiency. Our investment priority is for those ventures that develop software-based services, with or without hardware components, which we define as smart energy solutions.
For further information please contact:
M: + 31 6 22 938536
TenneT is a leading European electricity transmission system operator (TSO) with its main activities in the Netherlands and Germany. With more than 22,000 kilometres of high-voltage connections we ensure a secure supply of electricity to 41 million end-users. We employ approximately 3,000 people, have a turnover of EUR 3.2 billion and an asset value totalling EUR 19 billion. TenneT is one of Europe’s major investors in national and cross-border grid connections on land and at sea, bringing together the Northwest European energy markets and enabling the energy transition. We take every effort to meet the needs of society by being responsible, engaged and connected. Taking power further.