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Corporate VCPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 5 SOURCES

Terna Forward

Corporate venture capital company of Terna S.p.A.

Also known as Terna Forward S.r.l.

Corporate venture capital company of Terna, Italy's electricity transmission operator, set up in Nov 2022 with €50M; takes minority stakes in startups up to Series A and is an LP in CDP VC funds.

HEADQUARTERS
Rome, Italy
FOUNDED
2022
AUM
—
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
—

Focus

STAGES
Pre-SeedSeedSeries A
SECTORS
Climate & EnergyArtificial IntelligenceDeep TechIndustrial & Manufacturing
ASSET MIX
Venture capitalFunds (as LP)
GEOGRAPHY
Global

Overview

Terna Forward S.r.l. was established in November 2022 as the first Terna group company dedicated to technological innovation, including corporate venture capital investments in startups up to Series A. It targets digitalisation, decarbonisation, decentralisation and electrification of the power system, with themes such as grid resilience, maintenance robotics, climate-data AI and cybersecurity. It usually takes direct minority stakes and is a limited partner in the Energy Tech and Infra Tech compartments of CDP Venture Capital's Corporate Partners I fund. It also creates spin-offs and runs venture-building activities.

Investment thesis

Startups up to Series A offering solutions for the digitalisation, decarbonisation, decentralisation and electrification of the electricity system: sustainability and energy transition, managing uncertainty (load and weather forecasting), low-risk maintenance (robots, drones, exoskeletons), grid performance (new conductor materials, hybrid AC/DC) and people-centric tools including OT/IT cybersecurity.

PORTFOLIO (9)

  • D-OrbitNOTABLE
    Space
  • Gyala
    Software & SaaS · since 2026
  • Hibot
    Industrial & Manufacturing · since 2025
  • Hypermeteo
    Artificial Intelligence · since 2025
  • Wesii
    Climate & Energy
  • Unusuals
    Artificial Intelligence
  • Mela Works
    Software & SaaS
  • Eoliann
    Climate & Energy
  • CDP Venture Capital – Fondo Corporate Partners I (Energy Tech and Infra Tech compartments)

Links

Frequently asked questions

Terna Forward is a corporate venture arm based in Rome, Italy, founded in 2022.

Yes. Terna Forward invests its own capital in private companies. It also commits capital to third-party funds as an LP.

Terna Forward invests at Pre-Seed, Seed and Series A stages in Climate & Energy, Artificial Intelligence, Deep Tech and Industrial & Manufacturing.

Terna Forward's investments include D-Orbit, Gyala, Hibot, Hypermeteo, Wesii, Unusuals, Mela Works and Eoliann, among others.

The most recent publicly reported investment by Terna Forward is Gyala (€4M round (follower investor)), announced in Mar 2026.

Terna Forward states that it accepts submissions.

No. Terna Forward invests its own capital and does not raise money from outside investors.