Future Energy Ventures, a venture capital firm investing in digital and asset-light tech, announced that it has raised €235 million (USD$274 million) for its second fund, which will invest in energy tech startups at the Series A and B stage.

Founded in 2016, Future Energy Ventures backs technologies supporting the transition to renewable energy. Its portfolio includes agricultural photovoltaics startup Feld Energy, weather-forecasting company Jua and Enspired, which helps owners of energy storage assets sell power capacity.

The firm now plans to invest between €5 and €10 million in 20 to 25 startups and will reserve half of the fund for follow-on investments. Around two-thirds of the capital is expected to be invested in Europe, with the remainder deployed in the US and other regions.

Jan Lozek, Founder of Future Energy Ventures, wrote on LinkedIn:

“This fund is a bet on the founders who are building the energy system of tomorrow – the clean, resilient and electrified future we all aspire to live in. A future where nations standa resilient and self-reliant, where renewables power economies with unwavering stability, and where every company we back helps create a grid that flexes with demand, buildings that waste nothing, mobility that runs clean and infrastructure that grows smarter every day.”

The firm said €30 million will be directed exclusively toward Italian startups, financed by Italy’s Cassa Depositi e Prestiti.

Limited partners backing the remaining €205 million include German energy company E.ON and the European Investment Fund, as well as new investors such as KfW Capital, ABN AMRO and Polish state development bank BGK.

The fund is classified as Article 9 under the EU’s Sustainable Finance Disclosure Regulation, meaning it is required to ensure investments meet specific sustainable criteria, with its managers disclosing their environmental qualifications.