Smart Energy Fund brought a 1,4x return on investment
According to public information, the fund made exits from three startups. In 2022, US renewable energy equipment manufacturer Lunar Energy acquired cleantech Moixa (producer of smart batteries, which are installed with solar panels on residential properties), in which Contrarian invested in 2019 in £8,6M round.
Contrarian Ventures also exited from London-based Voltaware (software that analyzes electricity data with the help of AI) and from Lithuanian Last Mile, which delivers goods via electric and urban clean transport.
Smart Energy Fund was founded to invest in energy startups. 98.3% of the fund shares are managed by Ignitis Grupė and the rest – by Contrarian Ventures I. The fund has made 21 investments in Lithuanian and foreign startups, such as the Lithuanian developer of solar project design software PVcase, the Lithuanian developer of charging solutions for smart electric cars Inbalance Grid, the Estonian SaaS solution created to manage electricity consumption Fusebox and others.
The fund had more than 100 other co-investment partners, including South Korean automaker Hyundai, UK energy company Shell, the Breakthrough Energy Ventures Foundation founded by Bill Gates, and Luxembourg-based steelmaker ArcelorMittal.
According to Ignitis Grupė, the company was able to implement energy innovations, developed by portfolio startups, in its activities. The 1,4x return on investment will allow Ignitis Grupė to continue investing in startups through the second fund. On July 13, Ignitis Grupė joined the World Fund, in which it plans to invest about €25M over the next ten years.
Launched in 2021, the World Fund is a German climate tech venture company, which supports startups from the early to growth stage, focusing on energy, food, agriculture, manufacturing, buildings, and mobility. The managing partners are Danijel Višević, Daria Saharova, and Tim Schumacher. The recent backer is UK Environment Agency’s Pension Fund (EAPF).
Ignitis Grupė is an energy, including renewable energy, a company that operates in Lithuania, Latvia, Estonia, Poland, and Finland. Before 2019, it had the name Lietuvos energija. The Chairman of the Board is Darius Maikstenas.
Contrarian Ventures is a seed-stage venture company focused on investment in climate startups from Europe and Israel. The managing partner is Rokas Pečiulaitis.
