Classification society DNV has joined a group of mission-driven companies as part of a European Fund to accelerate the push towards net zero.
The fund has been launched by Energy Impact Partners (EIP), a global venture capital firm supporting the transition to a sustainable future.
The fund is structured to enable EIP to locally partner with European entrepreneurs and support their growth with a combination of capital and commercial support through EIP’s coalition of industrial firms.
Specifically, EIP has €390 million ($383 million) to deploy in European investments to accelerate the growth of innovative technologies which have the potential to drive the transition towards net zero .
“This is an important strategic partnership for DNV alongside other organizations that are committed to accelerating the energy transition,” Lucy Craig , Director of Growth, Innovation and Digital, Energy Systems at DNV, said.
Craig added that DNV aims to provide start-ups with insight into this highly dynamic field. Furthermore, the classification society will collaborate with its partners in EIP in investigating new topics within the energy sector .
The arrangement also provides scope for DNV to expand its American operation through EIP’s established presence in North America.
Contributions to the fund are drawn from a broad set of institutional investors, impact investors and corporates in a range of industries, including energy, utilities, technology and infrastructure and transport, according to EIP.
“We are very happy to have DNV as a member of EIP’s coalition. DNV and EIP are very aligned in our mission to advance clean technologies. It is great to build on DNV’s strong brand and expertise,” said Matthias Dill , CEO and Managing Partner of EIP Europe.
“DNV is committed to a strategy for growth in Energy Systems, as well as across the sector in other facets where DNV is active, including Maritime, Business Assurance, Cyber Security and ESG. Across the business, we are helping accelerate the innovations tackling climate change,” Kaare Helle , Ventures Director at DNV, added.
Recently, DNV warned the heightened focus on energy security and the rising cost of energy is reinforcing the difference in decarbonization speed between Europe and the rest of the world.
In its sixth edition of Energy Transition Outlook , the classification society highlighted that inflationary pressures and supply chain disruption pose a short-term challenge to renewable growth.
Europe, which can be regarded as the leader of the energy transition, will double down on renewables and energy efficiency to increase its energy independence, with European gas consumption predicted to fall dramatically as a result of the war in Ukraine.
On the other hand, lower-income countries, where cost is the main driver of energy policy, are predicted to see a different trend. High energy and food prices are reversing the coal-to-gas switch and putting a dampener on decarbonization investments, DNV concluded.