Italy’s Eni sets up vehicle to support innovative technologies

The logo of Italian energy company Eni is seen at a gas station in Rome, Italy September 30, 2018. REUTERS/Alessandro Bianchi

MILAN, Aug 1 (Reuters) - Eni (ENI.MI) has set up a new company called Eniverse Ventures that will help develop new technologies in the energy transition sector, the Italian company said on Monday.

The new company will support Eni's own projects and also be open to collaboration with external partners including startups, technological companies and universities.

The company, which will focus on technologies that could reach the market in less than three years, has already begun a screening process of over 130 proprietary technologies, Eni said in a statement.

The creation of Eniverse is part of Eni's strategy based on developing dedicated entities that are able to independently access capital markets.

"Eniverse will focus on market incubation for those technologies that have not yet reached adequate levels of maturity, on market validation through interactions with the market, and on business building, setting up new ventures and supporting them in the scale up phase," Eni said.

Reporting by Francesca Landini
Editing by Keith Weir

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