The Ireland Strategic Investment Fund is investing €68m in two major international decarbonisation funds as part of its €1 billion five year climate action investment programme.
The funds are managed by Energy Impact Partners (EIP), a New York-headquartered investment firm with over $3 billion in assets under management.
It focuses on investing in the energy transition by bringing together over 60 forward-thinking industrials and climate innovators to help decarbonise the global economy.
EIP plans to invest in emerging Irish-based decarbonisation and energy technology companies.
It will also establish an office in Dublin, with experienced climate investor and entrepreneur Arthur Pierse as its first representative based here.
ISIF is investing across two of EIP's funds.
The €34m European Fund mainly focuses on €10m-€25m growth equity and late-stage investments.
The Deep Decarbonisation Frontier Fund at €34m focuses on investing in revolutionary early-stage companies that have the potential to fully decarbonise the global economy.
The ISIF said this represent investments in two complementary climate tech funds focused on the energy transition and decarbonisation.
Target segments will include energy supply decarbonisation (e.g. hydrogen), the electrification of industrial processes and tech-enabled infrastructure (e.g. distributed energy generation).
Paul Saunders, Head of Climate, ISIF said the new investment demonstrates clear intent around the strength and scope of ISIF's climate investment plans.
"It shows how we can leverage our investment capability to build a deeper, stronger network with climate investors from all over the world - and ultimately attract more international capital to Ireland while supporting emerging Irish businesses in this space," Mr Saunders said.
He said that EIP boasts a strong track record and an unrivalled network of investors and industrial partners.
"We are harnessing that for the benefit of Irish based companies and entrepreneurs as we navigate the green transition," he stated.
"The combination of early-stage technology with support for growth stage businesses offered by the two funds in which we are investing, is a unique proposition that will be of real benefit to new climate businesses in Ireland," he added.
Hans Kobler, Founder & Managing Partner, EIP said that Ireland is an important market on the road to Net Zero.
"Our model of bringing together brilliant entrepreneurs with key industrials across all sectors of the economy, will make it easier for Irish technologies to scale in both Europe and North America," he added.
