Norwegian energy giant Statkraft has pledged to invest up to €10 million (£7.2m) every year in energy-related start-up companies.

It has set up a venture capital fund, Statkraft Ventures, which will act as a lead investor in projects across Europe.

Initial investments will be in the range of up to €2.5 million (£1.8m).

Asbjørn Grundt, Executive Vice President Market Operations IT at Statkraft said the company sees start-ups as “valuable partners”.

“Therefore, we want to contribute to this ecosystem by providing funds to the most promising players. Additionally, we can offer to leverage the synergies between start-ups and the Statkraft Group,” he added.

• energy start-ups, Statkraft, UK