Clean Energy Ventures has raised over $300 million for the Climate Tech Venture Fund

Climate technology venture capitalist Clean Energy Ventures (CEV) announced it has raised $305 million in the closing of its second flagship fund, which aims to reduce greenhouse gas emissions by 75 gigatons by 2050.

Founded in 2017, CEV invests in companies commercializing disruptive and capital-light advanced energy technologies and business model innovations that have the potential to transform how energy is produced and consumed and can achieve significant scale by leveraging market forces to address global climate disruption. The criteria for each investment include the ability to reduce at least 2.5 gigatonnes of cumulative CO2e emissions between the initial investment and 2050.

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

To date, CEV has committed capital from Fund II to long-term energy storage company Noon Energy, Evari compressor technology, Israeli green ammonia company Nitrofix and British sustainable aviation fuel company OXCCU.

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

“The demand for climate investment opportunities is growing in all corners of the world and we are grateful for the strong interest from our new and existing LPs. As we look to scale decarbonization technologies globally, we are doubling down on our thesis to invest in novel, hardware-centric, climate-saving technologies that can deliver above-average emissions reductions and superior financial returns.”

According to CEV, Fund II is expected to significantly expand the company’s investment opportunities in North America, as well as make its strategy available to climate technology entrepreneurs across Europe. With the launch of Fund II, CEV has opened offices in London to support the development of its team and operations in Europe.

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

“As funding for climate technologies in Europe has increased tenfold in recent years, it is now the fastest-growing sector on the continent. By leveraging the region’s thriving innovation ecosystems, we are positioned to fill the funding gap for promising early-stage companies and contribute our expertise and network to accelerate European businesses’ path to market.”