Repsol-backed SC Net Zero Ventures raises €125 million to accelerate the energy transition

Repsol-backed SC Net Zero Ventures raises €125 million to accelerate the energy transition

This first closing will allow SC Net Zero Ventures to invest in mature startups to scale technologies in an agile way while continuing to expand its funding to reach its target of €150 million

  • By ICN Bureau | June 07, 2024

SC Net Zero Ventures, the venture capital investment fund managed by Suma Capital in strategic alliance with Repsol as anchor investor, has completed its first closing raising €125 million.

The fund has a target of €150 million. This substantial first closing is a very important step towards achieving the fund's goals. Furthermore, this milestone underlines the strong investor confidence and support for SC Net Zero Ventures' strategic vision and purpose: accelerating the energy transition.

"We are grateful for the strong support we have received during this first closing. The commitment of our investors not only strengthens the significant momentum we are experiencing in innovation; it also highlights the importance of sustainable initiatives to achieve climate neutrality by 2050. Through the fund, we are very well positioned to channel capital into the ClimateTech sector, with a double focus: to boost technological solutions that contribute to decarbonization and, at the same time, create attractive financial returns," says Natalia Ruiz, Managing Partner of SC Net Zero Ventures.

SC Net Zero Ventures has a diversified and high-quality investor base that includes the backing of prominent players in the energy transition, such as the multi-energy company Repsol along with the Spanish sovereign wealth fund Fondo ICO Next Tech, the Institut Català de Finances, and other institutional investors and family offices.

Repsol has contributed €50 million, which makes it the main investor in SC Net Zero Ventures. The multi-energy company allied with Suma Capital in 2022 to drive the creation of this fund that seeks to embrace greater opportunities in the detection and scaling of technologies to advance the transformation of the industry and the energy transition. In addition, it supports companies that develop technologies aimed at decarbonization and the circular economy to promote their growth and international expansion and accelerate their application on an industrial scale.

"New technologies will play a key role in the fight against climate change. Therefore, it is essential to detect and scale them as quickly as possible. We are convinced that our commitment to SC Net Zero Ventures, together with the work we are doing from the company's own investment fund, Repsol Deep Tech, represents an important boost for the entrepreneurial ecosystem, which will contribute to accelerating the decarbonization of industry and mobility," says Gema García, Director of Repsol Corporate Venturing.

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