In this transaction, Lietuvos energija, UAB was advised by TGS Baltic Partner Marius Matonis and Senior Associate Mantas Gofmanas.
Lietuvos energija, UAB will invest over EUR 5 million into the fund, the fund manager also expects to attract investments from other investors, too. The fund’s investment horizon is 5 years. Selected teams of business ideas, which do not have a functioning prototype of their idea yet, will be able to expect an investment of up to EUR 50,000, whereas more advanced teams – up to EUR 300,000 or even more in exceptional cases. The whole period the fund will continue to exist will be 10 years.
The innovation fund and the accelerator of energy start-ups will invest into smart energy projects – smart networks, renewable resources, bioenergy, microgeneration, smart houses, big data and analytics, e-services and other energy-related solutions. The activities of the fund will also include the accelerator – acceleration programs will help authors of selected business ideas in developing business, providing them with the mentoring and working environment, where they will be able to share the experience with other program participants.