PRAGUE, Dec 15 (Reuters) - Czech utility CEZ and the European Investment Bank (EIB) will each provide 50 million euros ($58.99 million) to CEZ’s venture capital fund Inven Capital for joint investments into clean energy and smart technology, the groups said on Friday.
CEZ has set up Inven Capital to invest early into start-ups in new energy.
Its investments so far have included a stake in German solar battery company Sonnen and French car-sharing technology firm Vulog.
Inven, CEZ and the EIB said in a joint statement that co-investments will amount to 100 million euros. It is backed by the European Union’s European Fund for Strategic Investments (EFSI), aimed at boosting investment in the bloc.
Inven managing director Petr Mikovec said the EIB funding would raise Inven’s committed capital available to 240 million euros. ($1 = 0.8477 euros) (Reporting by Jason Hovet; Editing by Jan Lopatka)