Italian energy company major Eni’s venture capital unit Eni Next announced a new strategic partnership with asset manager Azimut to accelerate the development of cutting-edge energy technologies, with the planned launch of a new venture investment fund, with a fundraising target of €100 million (USD$118 million).

Set to be launched in September 2025, the European Long Term Investment Fund (ELTIF) will be designed to channel capital into high-potential startups and clean tech scale-ups targeting decarbonization, energy efficiency, sustainable mobility, and the circular economy.

The Luxembourg-domiciled fund, which is currently pending regulatory approval, will be open to both institutional and private investors under the revised ELTIF 2.0 framework.

Giorgio Medda, CEO of Azimut Holding, said:

“As new technologies reshape the energy sector, driving a generational shift toward increasingly efficient solutions, this fund aims to give investors access to the most promising and high-potential opportunities.”

According to the companies, Azimut will contribute its structuring and distribution capabilities, Eni Next will draw on its deep industry knowledge and set as an advisor to the fund, offering early access to emerging technologies through its international network and direct involvement in energy innovation ecosystems. Azimut operates across public and private markets in over 20 countries, while Eni Next invests in startups advancing decarbonization, energy efficiency, and digital innovation in the energy sector.

While the fund will invest primarily in startups and scale-ups in the clean tech sector in the U.S., it may also invest in companies in Europe or other international markets.

Clara Andreoletti, CEO of Eni Next, said:

“By combining our specialized expertise with Azimut’s fundraising capabilities, the partnership will further accelerate and enhance the growth of the Eni Next portfolio. The energy sector, like many other industrial sectors, is undergoing a profound transformation driven by technological innovation. To support this transition and ensure its economic sustainability, private capital plays a crucial role in enabling new technological solutions to emerge and scale rapidly.”