German energy company Innogy has revealed that its startup investment division has more than doubled the value of its portfolio after financing more than 60 companies last year.

Berlin-headquartered innogy Innovation Hub was developed to mentor and invest in technology start-ups. By the end of December, it had grown its portfolio to €162m ($183m) by investing in 90 startups, including 61 in 2018.

“We’re very proud of what we have built so far,” said the Hub’s chief executive Thomas Birr.

“Our hybrid approach combines traditional corporate venture capital with accelerator and angel investing, giving us unparalleled access to the most promising start-ups and presenting unique value and innovation creation opportunities.”

He added that the Hub would “continue to invest in the companies that will help build the future of energy”.

innogy Innovation Hub has teams based in the UK, Poland, Germany, Israel, and the US and connects start-ups, large corporates, accelerators and venture capitalists in a bid to build alliances and networks to unlock innovation.

The key areas it focuses on include the Internet of Things, artificial intelligence, blockchain, digitalization of power generation, and smart buildings.