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    IGN1L   LT0000115768

AB IGNITIS GRUPE

(IGN1L)
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Delayed Nasdaq Vilnius  -  08:59 2022-06-28 am EDT
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AB Ignitis grupe : Ignitis Innovation Fund's net asset value increased by almost EUR 19 million over the year

12/06/2021 | 04:12am EDT
  • So far Ignitis Innovation Fund invested EUR 8.4 million in start-ups.
  • At the moment, the total net asset value growth amounts to EUR 19 million - more than twice the amount invested.
  • It is believed that the balanced investment portfolio may contain unicorns.

Ignitis Innovation Fund managed by Contrarian Ventures so far invested about EUR 8.4 million and has already seen an EUR 18.9 million net asset value growth. It is expected that the strong portfolio of start-ups may contain more than one unicorn

This year Ignitis Innovation Fund continued to contribute actively towards growing new energy start-ups that create long-term value. In 2021 the fund invested in 8 start-ups in Lithuania, Israel, Sweden, France, Switzerland, and the United Kingdom on 10 accounts with a total value of EUR 3,8 million, thus strengthening and encouraging the development of innovation ecosystem. One other start-up in the portfolio, LastMile, was successfully sold this July after its market value increased.

"Ignitis Innovation Fund not only allows us access to the hottest news from the innovation start-ups' ecosystem from all over the world and provides with insight on the latest energy technologies but also grows our investment value. The fund has a strong investment portfolio, which has a potential to contain more than one unicorn - this is showcased by the portfolio's value growth, which more than doubled compared to the current investments", said Darius Maikštėnas, CEO at Ignitis Group.

"This year we already invested into eight unique companies that provide solutions contributing towards energy transition and that boost the decarbonisation of the sector. We are also excited about our EUR 750,000 investment into Lithuanian start-up PVcase, which develops software for solar powerplants. Since 2018 we have already invested into this start-up EUR 1,25 million in total. The company is growing rapidly, and it is expected to reach a 'unicorn' status in the next several years as well as create over 100 jobs in Lithuania", said Rokas Pečiulaitis, Partner at Contrarian Ventures.

Ignitis Innovation Fund, managed by Contrarian Ventures, this year also reinvested into an electric bicycle platform Zoomo (previously known as Bolt Bikes). Over the autumn of 2021, this start-up attracted USD 60 million worth of investments, which will be used to work towards Zoomo's goal of improving access to electric bicycles in the largest cities in Europe and North America. Since 2019 the fund allocated more than EUR 1 million to support the start-up.

For Mr Pečiulaitis, Eliq, a Swedish start-up developing software solutions for the energy sector, is the highlight of the earlier investments made by the fund. The fund invested about EUR 500,000 in total into Eliq, and this year the company announced that it will open a product development office in Vilnius.

Established in 2017, Ignitis Innovation Fund, managed by Contrarian Ventures, has already invested about EUR 8.4 million into 18 companies in eight countries. The companies are developing new technologies in the fields of energy and e-mobility that could be applied in the activities of Ignitis Group. The fund invested into start-ups together with 75 other co-investors, including such renowned international corporations as vehicle manufacturer Hyundai, energy giant Shell and Breakthrough Energy Ventures established by Bill Gates.

Disclaimer

Ignitis Grupe UAB published this content on 06 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 December 2021 09:11:04 UTC.


© Publicnow 2021
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Sales 2022 1 830 M 1 926 M 1 926 M
Net income 2022 169 M 178 M 178 M
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Darius Maikštenas Chief Executive Officer
Darius Kašauskas Treasury Director & Head-Finance
Alfonso Faubel Independent Chairman-Supervisory Board
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