Central regions | Finance, business | Energy, utilities
RVC and North Energy Ventures to support cleantech
11 Nov '15
A fund with international capital has been set up in Russia to support early-stage projects in energy efficiency, renewable energy and cleantech. The founders include RVC, Russia’s national fund of funds for innovation, North Energy Ventures, an international VC fund, and a group of private investors, RVC announced.
The partners intend to eventually come up with a $16m fund, to be called “North Energy Fund I Seed.” RVC is expected to ante up the lion’s share of the total (more than 50%). Current plans limit the fund’s operations to ten years.
The new fund is expected to invest in 15-to-20 companies. Most of those will be tech projects developed by entrepreneurs in Russia, but support of transactions with leading U.S. and European funds is also possible. The average projected deal will be about $400,000, RVC said.
According to RVC, North Energy Ventures, headquartered both in Moscow and in California, wants to leverage its network of North American and Asian contacts in order to help the best Russian tech start-ups it will fund in their international market expansion. The VC partner is also ready to assist the start-ups in contacting potential customers, putting together pilot projects, developing international patent portfolios, and raising later-stage venture funding, RVC said.