PGNiG to Invest $26mn in Clean Tech

Polish gas firm PGNiG has set up a venture capital vehicle with the aim of investing zlotys 100mn ($25.9mn) in innovative energy projects over six years, it announced on December 11.

PGNiG will focus on projects providing clean technology solutions that are already at the growth phase and generating revenues, rather than early-stage financing. The company’s initial plan is to invest zlotys 30mn over the next two years.

“It is possible that after this period, seen by us as a pilot phase, we will increase the vehicle’s capitalisation,” PGNiG Ventures CEO Malgorzata Piasecka said. “By the end of this year, we will launch a scouting programme to identify target projects.”