EDP will invest around 300,000 reais (US$61,000) this year in four energy startups, or energytechs, based in Brazil’s Espírito Santo state, the Portuguese energy group said in a statement.

The group signed proofs of concept for solutions applicable to the company's challenges, with startups Devix (remote measurement of medium voltage customers), ECO55 (measurement of decarbonization and energy transition processes), Aevo (innovation management) and WIS (learning solutions).

EDP’s Espírito Santo concession encompasses 70 of the state’s 78 municipalities, covering 3.8mn residents and 1.7mn unique customers. The concession is valid until July 2025.

In parallel to the startup investments, the company also presented a ‘Map of Innovation Habitats of the Espírito Santo Ecosystem,’ outlining the innovation poles in the state, their business models, characteristics, categories and location.

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Brazilian corporate venture capital funds invested 1.5bn reais in 57 operations between January and August this year, according to local VC association ABVCAP. The tracking was carried out by TTR Data.

According to TTR, CVC investments sustained growth, and the amounts invested just in July and August, totaling nearly 500mn reais, exceeded those of the previous quarter.

ABVCAP also said that 83 companies had active CVC funds in Brazil as of June, with further 37 looking to create their own VC arms.

Source: Business News Americas / BN Americas - Chile