Future Energy Ventures, a VC firm investing globally in digital and asset-light energy tech, has closed a second fund of €235m to back startups at the Series A and B stage.
The firm says €30m of the fund will focus exclusively on Italian startups and is financed by Italian deposit and loan fund Cassa Depositi e Prestiti (CDP).
LPs in the €205m portion of the fund include German energy company E.ON and the European Investment Fund, as well as new investors such as KfW Capital, Dutch bank ABN AMRO and Polish state development bank BGK.
The war in Ukraine and resulting geopolitical tensions have underscored the need for Europe to develop its own energy sources, driving policy shifts toward renewables and diversified imports.
Founded in 2016, Future Energy Ventures invests in digital technologies focusing on the transition to renewable energy. Its portfolio includes agricultural photovoltaics startup Feld Energy, weather forecasting startup Jua and Enspired, a Vienna-based company helping owners of energy storage assets, such as battery facilities, to sell on their power capacity.
Jan Lozek, CEO of Future Energy Ventures, says while the focus on some areas of climate tech have generally cooled off this year, there are positive trends in the energy landscape.
According to Sifted data, investments (debt and equity) in climate tech fell from €27.8bn in 2024 to €12.3bn so far in 2025. Of the €12.3bn, approximately half has been invested in energy tech.
“There are fewer deals, but more capital, so we see the market on the later stage is developing, with investors focusing more on proven, scalable technologies… and backing larger investments into the space. It’s a great development,” says Lozek, adding that technologies like renewable energy, grid systems and trading software for batteries are seeing “a lot of traction.”
“There’s exciting technology which can and should be embraced because they are […] economically really attractive. A lot of technologies helping to improve grids or the cooling and heating of buildings are profitable. It makes a lot of sense and it’s economically the best thing we can do.”
Future Energy Ventures will write checks of between €5-10m into roughly 20-25 startups. The firm will reserve 50% of the fund for follow-on investments into its best performing companies.
It envisages that two-thirds of the fund will be invested in Europe, and the rest into the US and other locations.
The fund is an Article 9 fund, which means Future Energy Ventures must only make sustainable investments and the managers are required to disclose how they qualify as environmentally sustainable.
Future Energy Investments has six partners and its 15-person team is spread across Europe, the US and Israel.
