BankInvest, the Danish asset management firm, and Dansk Olie Og Naturgas (Dong), the Danish state-run oil and gas company, have set up BI New Energy Solutions, a new venture capital company targeting alternative energy technologies.

Dong is the cornerstone investor, committing Dkr85m (€11.5m) to the fund. The fund has already raised Dkr250m from a number of institutional investors, including Tryg, the Danish insurance company, and Vækstfonden, the venture fund of the Danish government. BankInvest expects to raise between Dkr500m and Dkr1bn by the third quarter of this year.