Clean Energy Ventures raises more than $300 million for Climate Tech Venture Fund

Climate tech-focused venture capital investor Clean Energy Ventures (CEV) has announced it has raised $305 million at the close of its second flagship fund, with the goal of reducing greenhouse gas emissions by 75 gigatonnes by 2050.

Founded in 2017, CEV invests in companies commercializing disruptive and capital-poor advanced energy technologies and business model innovations that can reshape the way energy is produced and consumed, and achieve significant scale by capitalizing on market-driven forces to address global climate disruption. Criteria for each investment include the ability to cumulatively reduce at least 2.5 gigatonnes of CO2e emissions between the initial investment and 2050.

The company’s investments cover areas such as mobility, renewable energy, carbon capture utilization and storage, energy storage and critical minerals.

To date, CEV has deployed Fund II capital into renewable energy storage company Noon Energy, compressor technology Evari, Israeli green ammonia company Nitrofix and British sustainable jet fuel company OXCCU.

Temple Fennell, co-founder and managing partner at Clean Energy Ventures said:

“Demand for climate investment opportunities is rising from all corners of the world, and we are grateful for the level of interest from our new and existing LPs. As we strive to scale decarbonization technologies globally, we are doubling down on our commitment to invest in new hardware-centric climate-saving technologies with the potential to deliver outsized emissions reductions and world-class financial returns.”

According to CEV, Fund II is expected to significantly expand the company’s investment capabilities in North America and bring its strategy to climate tech entrepreneurs across Europe. In addition to the launch of Fund II, CEV has opened offices in London to support the growth of its team and operations in Europe.

Daniel Goldman, co-founder and managing partner, said:

“With climate technology financing increasing tenfold across Europe in recent years, it is today the fastest growing sector on the continent. By tapping into the region’s thriving innovation ecosystems, we are ready to bridge the financing gap for promising start-ups and use our expertise and network to accelerate European companies’ path to market.”