This will see the company scale its investment from an already figure of €45m ($49m) to around €100m ($109m).

In order to achieve this, EDP will now participate in both Series B and Series C investment rounds to support growing technologies and hydrogen innovation with plans to invest up to €10m ($10.94m) per company.

Read more: EDP Group to invest in 1.5GW of renewable hydrogen by 2030
Read more:
EDP to develop hydrogen production project at Central do Ribatejo facility

The investment opportunities are also not limited to geographic locations with a global perspective set to be considered. EDP aims to strengthen investment activity in major global innovation centres such as the United States, Europe, Israel, and the Far East, and in Singapore.

Hydrogen will not be the sole focus of this investment strategy however with other renewable energy sources expected to be explored to support the transition to a green economy.

Ana Paula Marques, Executive Board Member at EDP, said, “At EDP, we are focused on finding solutions and technologies that will make a difference in a decarbonised and more sustainable future.

“As the electricity sector moves at unprecedented speed, we want to work with the most promising startups, with a clear focus on projects that represent growth opportunities. The coming years will be challenging for the energy transition, and we want to face them with the best ideas on a global level.”

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