ISIF’s €18m commitment to fund for business involved in energy transition

Conor O'Kelly, then CEO of the National Treasury Management Agency (NTMA), speaking at the Ireland Strategic Investment Fund (ISIF) 7th annual market engagement event in 2020. Photo: Conor McCabe

Sean Pollock Email

February 05 2023 02:30 AM

The Ireland Strategic Investment Fund (ISIF) has announced a $20m (€18m) commitment to a global fund investing in businesses working to enable the transition to greener energy.

The fund, launched by San Francisco-based Activate Capital Partners, targets late-stage venture and growth equity investments in businesses that provide technology products and services to enable the global energy transition, mobility and digital transformation of large industrial markets.

ISIF’s commitment aligns with its plans to invest €1bn over five years in climate action projects.

Since September 2022, ISIF has closed €229m of climate-related investments.

Paul Saunders, a senior investment director and head of climate and venture capital at ISIF, said the investment was an essential building block toward the fund’s climate action investment targets that will help accelerate Ireland’s transition to net zero.

“Our partnership with Activate Capital Partners aims to enhance access to capital for Irish tech and climate action entrepreneurs and foster a new and exciting relationship between a major global investor and fast-growing Irish businesses in key sectors of our economy.

‘The need for integrated, sustainable, and intelligent industrial systems has never been greater’

“Our investment reflects the urgency we attach to the climate challenge and the significant opportunities that exist for Irish businesses that can help meet this challenge.”

Commenting on the commitment from ISIF, Anup Jacob, managing partner of Activate Capital, said: “We are honoured to partner with ISIF in supporting Ireland and its entrepreneurial community as it embarks on a major energy transition – as the world becomes increasingly crowded, resources scarcer and operations more complex.

“The need for integrated, sustainable, and intelligent industrial systems has never been greater.”

ISIF is controlled and managed by the National Treasury Management Agency.