Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration. In this session, Andreas Munk Holm is joined by Crispin Leick, Managing Director of EnBW New Ventures, Georg Reifferscheid, Head of Sustainability Ventures at REWE Group, and Jeppe Høier. Together, they explore how corporates are deploying capital, rethinking supply chains, and integrating AI to tackle Europe’s most urgent challenge: the energy transition. From evergreen venture models to decarbonizing retail operations, the discussion dives deep into how industrial and consumer giants are investing, where capital is moving fastest, and why success still depends on aligning financial and strategic incentives. 🎧 Here’s what’s covered 00:00 The energy transition is here — Europe’s corporates on the frontlines. 01:00 Evergreen VC at EnBW New Ventures — why Crispin calls it the “best decision ever.” 03:00 REWE Group’s sustainability mandate — tackling scope 1, 2, and 3 emissions. 05:00 Where venture capital meets infrastructure — smarter, more capital-efficient deployment. 06:00 AI in energy — real-world use cases from batteries to trading algorithms. 07:00 Cooling, HVAC, and sustainable construction — REWE’s innovation priorities. 08:00 Financial return first — why strategic impact only follows startup success. 09:00 Incentives matter — why carry and financial alignment are make-or-break in CVC. ✍️ Show Notes Evergreen Model at EnBW New Ventures Unlike closed-end CVC funds, EnBW’s evergreen structure reinvests all exit proceeds into new startups. This creates stronger alignment with founders and sharper accountability for the investment team. Crispin: “It’s the best decision we made in nine years — we’re entrepreneurs ourselves.” Decarbonizing Retail at REWE Group Sustainability ventures are embedded directly in operations. Current focus: scope 1 & 2 emissions (energy, mobility, buildings). Scope 3 (supply chain) remains the hardest challenge due to missing data and supplier dependency. AI in Energy Not chasing LLMs or infrastructure — instead focusing on applied AI. Examples: battery analytics for health monitoring; algorithmic trading in intraday power markets. Innovation Priorities at REWE Cooling and HVAC with natural refrigerants. Alternative building materials (wood, green concrete). Greener retail store construction. Financial First, Strategic Second For both corporates, financial returns are non-negotiable. Strategic impact only comes if startups succeed. Incentives (including carry) are key for aligning CVC teams with true financial discipline. 💡 One-liner takeaway: The energy transition needs corporates that invest like VCs — financially disciplined, strategically relevant, and willing to back startups tackling Europe’s toughest infrastructure and sustainability challenges.
