Sweden-based investment company Infranode announced it has invested SEK 100 million ($11.3 million) in Swedish renewable energy company Eneo Solutions AB. The funds will be used for Eneo’s solar and geothermal heat pump energy generation project pipeline in Sweden.
“We are very pleased with our investment in a portfolio of renewable energy assets with a high sustainability factor and stable cash yield returns, and look forward to investing an additional SEK 500 million ($56.7 million) as the Eneo team develops new assets for its clients,” said Infranode’s founding partner Philip Ajina.
Furthermore, Infranode said it has signed a partnership agreement with Eneo to jointly develop and expand its business over the coming years.
Infranode has a capital base of SEK 3.55 billion, from investors including the European Investment Bank (EIB), Swedish insurance company and pension investment manager Folksam, Swedish municipal sector insurance and pension company KPA Pension.
Eneo Solutions AB was founded in 2013. The company closed a $2.7 m round of financing in October 2015. At the time, investors were Gullspång Invest, a Swedish family-office venture capitalist investing in early-stage cleantech and technology companies, RAM Rational Asset Management, a hedge fund management company, and local entrepreneur Rikard Lindström.
Eneo had closed its first financing round in 2013.