RWE, Bankhaus Lampe to Double Size of Renewables Startup Fund

RWE AG (RWE), Germany’s second-biggest utility, and Bankhaus Lampe KG will add 50 million euros ($67 million) to a fund investing in renewable energy and power storage-technology startups, almost doubling its value.

The utility’s renewables unit Innogy and Lampe, a German private bank, will each add 25 million euros to raise the RWE fund to more than 115 million euros with the aim of increasing the number of companies it has invested in to 14 from nine currently, according to a statement e-mailed today.

Lampe will take 22 percent of the fund, RWE said.

To contact the reporter on this story: Stefan Nicola in Berlin at snicola2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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