Volkswagen participates in energy investor EIT InnoEnergy

Volkswagen

The automaker will build more electric cars in the future.

(Photo: dpa)

Frankfurt / Hamburg Volkswagen is joining forces with the European energy investor EIT InnoEnergy in the transition to climate-friendly mobility. The two partners announced an alliance on Wednesday to promote technologies and business models that help reduce CO2 emissions in the transport sector. This should also accelerate the transition to electromobility.

“In order to decarbonise the transport sector, we need a large number of innovations,” explained Jens Wiese, who is responsible for investments at Europe’s largest car manufacturer. VW wants to increasingly rely on cooperation with start-ups in the future. As part of the partnership, the Wolfsburg-based company will become shareholders of EIT InnoEnergy. The level of participation was not stated.

EIT InnoEnergy is an EU-funded investment fund that specializes in investments in the energy transition. Since its inception, the fund has invested more than half a billion euros and has stakes in 300 companies. These include the Swedish battery manufacturer Northvolt, with which Volkswagen is working, the steel company H2 Green Steel and the company Vulcan Energy Resources, which wants to mine lithium for battery cells in southwest Germany.

Volkswagen wants to become climate neutral by 2050 and is increasingly opening up to partnerships. EIT InnoEnergy sees itself as a venture capitalist: “We are an investor and are involved in unfinished business cases in order to make them commercially successful,” said Germany boss Christian Müller.

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