Industrial Decarbonization ventures receive $249 million investment from Suma Capital
In a significant move towards accelerating industrial decarbonization, Suma Capital has completed the final closing of SC Net Zero Ventures I, securing €210 million ($249 million) for investment in European startups. This fundraising surpassed Suma's initial €150 million target for the climate tech venture fund.
The investment vehicle offers portfolio companies strategic support and access to an industrial network to speed adoption of Net Zero solutions. According to Suma Capital's partner, Natalia Ruiz, the fund aims to focus on expansion-stage companies advancing the energy transition through technologies in low-carbon mobility, industrial electrification, renewable energy, hydrogen, advanced fuels, storage, and digital solutions for smarter energy management.
Repsol, a Spanish energy company, serves as the anchor investor for SC Net Zero Ventures I. Gema García, Head of Repsol Corporate Venturing, expressed that the collaboration is an example of how capital and industry can move forward together towards the 2035 goals. Repsol's participation reinforces the ambition to promote technologies with real industrial application.
The European Investment Fund and various foreign institutions have also invested in the fund. Spanish public institutions and family offices are among the investors in SC Net Zero Ventures I. The lead investor for the fund remains undisclosed.
The initial portfolio companies in the fund include energy storage company HESSTEC, grid digitalization startup Corinex, green hydrogen producer H2SITE, and EV charging tech company V2C. Notably, green hydrogen producer H2SITE is one of the initial portfolio companies.
International fund-of-funds have also shown interest in SC Net Zero Ventures I. Repsol believes that alliances are essential to accelerate the energy transition, and this collaboration with Suma Capital is a testament to that belief.
Gema García's statement echoes a similar sentiment from Natalia Ruiz, emphasizing the importance of working together to combat climate change and drive industrial decarbonization. The successful fundraising and the high-profile investors involved in SC Net Zero Ventures I indicate a promising future for the fund and the European startups it aims to support.
