The European Investment Fund (EIF) has committed €30 million to PureTerra II, a fund focused entirely on water, according to the European Commission’s Netherlands representation in an announcement published on 26 October. The commitment is backed by the Commission’s InvestEU programme and was formally signed during European Water Technology Week in Leeuwarden.
PureTerra II invests early-stage venture capital primarily in European water technologies. The Commission’s Netherlands representation says the fund aims to back companies ready to move from pilot projects to full industrial deployment. The European Commission’s Netherlands representation says the fund focuses on innovations in water-pollution prevention, clean-water processes, circular water systems and climate-resilient resource use.
PureTerra partner Job van Schelven said the obstacle for European water technologies is capital and adoption, not a lack of ideas. The new fund follows PureTerra Ventures I, to which the EIF also committed €30 million in 2021. That fund closed with €73 million in total commitments and built a portfolio of 14 water-technology companies.
The European Commission estimates that complying with existing EU water regulations will require approximately €23 billion in additional funding each year.
