Italian pension fund Fon.Te invests in Primo Climate, the fund managed by Primo Capital to accelerate Italian climate tech innovation

21 mar 2025

Milan, March 21, 2025. Primo Capital, an independent platform dedicated to technology investments crucial for economic development, announces the entry of the Italian pension fund Fon.TE among the investors of Primo Climate, a venture capital fund dedicated to early stage startups developing technologies for decarbonization and ecological transition.

Fon.Te joins existing investors CDP Venture Capital SGR on behalf of the VenturItaly Fund of Funds and the Green Transition Fund-PNRR, which uses resources allocated by the EU through the NextGeneration EU initiative. The Fund, which is already in the investment phase, currently has an aggregate commitment of €45.5 million and an overall funding target of €60 million.

“The investment in Primo Climate represents a concrete step in Fon.TE's strategy to support the Italian real economy and, in particular, innovative companies operating in the green transition. We believe that technological innovation is key to addressing environmental challenges, generating sustainable value over time and contributing to the economic growth of Italy. With this commitment, Fon.TE intends to actively contribute to the growth of an environmentally conscious entrepreneurial ecosystem, while promoting responsible returns for our members.” comments Maurizio Grifoni, president of Fon.TE.

Primo Climate's Key Managers - Ezio Ravaccia, Giusy Cannone and Simone Molteni - bring to the Fund significant experience in both the investment and sustainability sectors. Ravaccia, with a degree from Bocconi and an executive certificate from Insead, has gained 25 years of experience in venture capital and green investments, having worked in senior roles at Pino Partecipazioni and Solar Ventures. Cannone, with a degree and doctorate from the Polytechnic University of Turin, has worked in venture capital and innovation since 2011, collaborating with entities such as Banca Intesa and Italian Angels for Growth. Molteni, a scientist and entrepreneur who has been active in de-carbonization for 25 years, has held senior roles in entities such as ENEA, founded Impatto Zero and co-founded Lifegate, of which he is still on the Board.

The Fund aims to invest in 12-14 startups that develop and produce cutting-edge climate tech or products and services that enable such technologies. Primo Climate invests in companies ready to scale their solutions to accelerate the green transition. From established sectors such as solar power, electric vehicles, and lithium batteries to emerging verticals such as green hydrogen, renewable energy, and geothermal solutions, the Fund is strategically positioned to identify and invest in cutting-edge companies committed to achieving adaptation and mitigation goals.

The Fund, in addition to having a rich pipeline of potential deals, has already made its first two investments, one of which has already been announced: Krill Design, an innovative startup based in Milan that transforms organic by-products of the food industry such as peels, seeds, and shells into REKRILL®, a sustainable biomaterial that can be used as an alternative to petrochemical plastics.

Primo Climate is joined by LifeGate in scouting and marketing activities, aiming to provide portfolio companies with a favorable environment and easier market access.

“The first 7 months of activity allowed us to validate the positioning of the Primo Climate fund, which was created to give support to entrepreneurs who bring new technologies to the market in the climate sector. We have analyzed more than 800 companies from different target sectors and have completed the first two investments with a third to be closed soon. There are a number of very promising technologies that, having already finished the testing phase, are capable of bringing substantial innovations to different industries. We often hear about environmental problems, less often about solutions. Well, these solutions in Italy are there and with our work we want to help them grow.” concludes Ezio Ravaccia, General Partner of Primo Climate.

The Fund's activities are mainly concentrated in Italy, contributing to the country's international prominence in the field of sustainability.

In line with Primo Capital's commitment, the Fund is classified ex. art 8 under the European SFDR regulations, with a commitment to promote the United Nations Sustainable Development Goals. In particular, the Fund places a strong emphasis on goal number 13, “Climate Action,” further emphasizing its dedication to the ecological transition.

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