By focusing on Europe and North America, the fund aims to invest in disruptive technologies with potential to expedite energy transition. Credit: Markopolo/Shutterstock.

SC Net Zero Ventures, a venture capital investment fund managed by Suma Capital and backed by Repsol, has raised €125m ($136m) in its first closing, targeting a final goal of €150m to support the energy transition.

SC Net Zero Ventures, in strategic alliance with Repsol, has achieved a significant milestone in this mission.

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As anchor investor, Repsol contributed €50m to the fund. It has also garnered support from a diverse group of investors, including the Spanish sovereign wealth fund Fondo ICO Next Tech, the Institut Català de Finances, institutional investors and family offices.

SC Net Zero Ventures managing partner Natalia Ruiz stated: “We are grateful for the strong support we have received during this first closing. The commitment of our investors not only strengthens the significant momentum we are experiencing in innovation; it also highlights the importance of sustainable initiatives to achieve climate neutrality by 2050.

“Through the fund, we are very well positioned to channel capital into the ClimateTech sector, with a double focus: to boost technological solutions that contribute to decarbonisation and, at the same time, create attractive financial returns.”

The fund’s objectives are to identify and scale technologies that can significantly impact the industry’s transformation towards sustainability.

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By focusing on decarbonisation and the circular economy, SC Net Zero Ventures aims to promote the growth and international expansion of companies.

SC Net Zero Ventures’s investment strategy is to concentrate on technologies that facilitate low-carbon mobility, industrial decarbonisation and the development of renewable energy sources.

The fund is dedicated to supporting startups that are at a more mature stage and possess innovative technologies that contribute to a sustainable future.

With a geographical focus on Europe and North America, SC Net Zero Ventures is poised to invest in disruptive technologies that have the potential to expedite energy transition.

Repsol corporate venturing director Gema García stated: “New technologies will play a key role in the fight against climate change. Therefore, it is essential to detect and scale them as quickly as possible.

“We are convinced that our commitment to SC Net Zero Ventures, together with the work we are doing from the company’s own investment fund, Repsol Deep Tech, represents an important boost for the entrepreneurial ecosystem, which will contribute to accelerating the decarbonisation of industry and mobility.”

In July 2023, the European Investment Bank provided a €575m loan to Repsol to enable the development of 1.1GW of wind and solar projects in Spain.