Lietuvos Energija, a Lithuanian energy distributor, is setting up an EUR 5M innovation fund that will invest into seed-stage energy-oriented startups, Verslo žinios, the main Lithuanian business daily, reports.

"We see it as an opportunity to improve our business, services, efficiency and quality. Investing into startups will allow us to have a novel look at our traditional business. At the same time, it is a way to involve top talents into the energy field", – Darius Misiūnas, Lietuvos Energija's CEO and chairmand, said at a press conference.

Lietuvos Energija expects to launch the fund early next year. It is currently looking for a fund manager/operator, a competition to select one will be launched soon.

The fund will initially invest up to 30.000 EUR, investment could then grow to 500.000 in subsequent rounds.