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    Eni forms Eniverse Ventures to promote a "just" energy transition

Summary

Eniverse Ventures is Eni's second corporate venture capital company.

by: Callum Cyrus

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Europe, Natural Gas & LNG News, Topics, Italy, News By Country

Eni forms Eniverse Ventures to promote a "just" energy transition

Eni has set up a new investment unit called Eniverse Ventures to fund early-stage, energy transition technologies.

The launch of Eniverse Ventures was officially announced August 1. Eni chairman Giacomo Silvestri  commented: "With Eniverse, Eni is among the first companies in the energy sector to build a vehicle to enhance its asset of technologies and talents.

"Those are the pillars of innovation in which the company has always invested and on which it leverages to successfully tackle the energy transition".

More than 130 proprietary technology are on the screening shortlist for Eniverse's first investment round, Eni said. The initiative will be a core pillar of Eni's innovation strategy, joining its existing startup investment programme Eni Next and the Eni-managed business school for energy transition-minded entrepreneurs, Joule. 

Eni will retain 100% of Eniverse Ventures' share capital, which will invest funding to spur proprietary energy innovations in line with the principles of the UN 2030 Agenda, as well as the climate objectives of the Paris agreement. Eniverse invests in startups with a "marketing path" of less than three years. In addition to funding, it will offer research and business development expertise.

Company officials say the move furthers Eni's focus on "distinctive" business models. In its core upstream segment, for instance, Eni has prioritised near-field E&P programmes that can be brought on stream quickly using existing infrastructure, particularly in North Africa.