Climate Tech VC Clean Energy Ventures Closes $305M Fund II Targeting to Cut 75 Gigatons of Emissions by 2050

• Company Closes Second Oversubscribed Fund to Develop World-Changing Climate Tech Startups That Can Cut Greenhouse Gas Emissions on a Gigaton Scale
• With the opening of A London office, Fund II marks the beginning of the attack Europe AND Israel supporting local climate innovation ecosystems
• Investing in a technology pioneer lens, over 60% of the CEV team started as scientists and engineers, critical validators in the early stage of the deep technology market

BOSTON, May 29, 2024 /PRNewswire/ — Clean Energy Ventures (CEV), a leading global venture capital firm financing early-stage climate innovations, today announced the closing of its second flagship oversubscribed fund with a total capital commitment of $305 million. In addition to significantly expanding the company’s investment opportunities in… North Americathe latest fund enables CEV to bring its strategy and expertise to climate technology entrepreneurs Europe AND Israel. The launch of Fund II follows the successful implementation of: $110 million Fund I, which supported 20 groundbreaking climate technology companies that together are ready to reduce over 50 gigatons of greenhouse gas emissions.

Since the early days of Cleantech 1.0, CEV’s team of experienced climate investors have guided the next generation of companies in mobility, renewable energy, carbon capture and storage, energy storage, critical minerals and more through seismic market shifts. In its unique investment thesis, the CEV team weighs quantified climate impact against financial performance, requiring each investment to be able to reduce emissions of at least 2.5 gigatons of CO₂emissions accumulated between initial investment and 2050. CEV takes a hands-on approach to commercializing its portfolio companies, leveraging a team with deep technical and commercial expertise, supported by a group of venture partners and business angels with extensive industry execution experience and strategic advisory Board led by former Secretary US Energy, Ernest Moniz.

“The demand for climate investment opportunities is growing in all corners of the globe, and we are grateful for the strong interest from our new and existing LPs,” said Temple Fennell, co-founder and managing partner at Clean Energy Ventures. “As we consider scaling decarbonization technologies globally, we are doubling down on our thesis to invest in novel, hardware-centric, climate-saving technologies that can deliver outsized emissions reductions and superior financial returns.”

With over 15 years of experience in growing climate technology companies, CEV currently works with over 70 strategic co-investors and is backed by LP investors including Carbon Equity, Grantham Foundation for the Environment, Builders Vision and New Summit Investments.

“As we catalyze innovators building a decarbonized economy with new climate technology solutions, CEV’s combined ability to identify the most impactful companies and technologies and then lead them to commercialization has been a key strength for us and the global climate technology ecosystem,” he said Scott Gerdesdirector of private investments at Builders Asset Management, asset management team at Builders Vision and limited partner in the new CEV fund.

With the launch of Fund II, CEV opened offices in London support the development of your team and operations in Europe. “As financing for climate technologies increases tenfold Europe 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 bring our expertise and network to accelerate European companies’ path to market,” he commented. Daniel GoldmanCo-founder and Managing Partner.

To date, CEV has committed capital from Fund II to long-term energy storage company Noon Energy, compressor technology Evari, Israeli green ammonia company Nitrofix and UK sustainable aviation fuel company OXCCU, with two additional stealth companies to be announced soon. “Climate action is at the top of the European agenda, and climate technologies are ready for development and adoption. We are fortunate to have CEV’s support and guidance as OXCCU scales its innovative, single-step technology from the lab to the planet,” said OXCCU CEO Andrew Symes.

“We know that our practical guidance goes far beyond standard venture capital and includes dedicated leadership coaching, strategic marketing, intellectual property development, engineering support and active board participation,” he commented David Miller, Co-founder and Managing Partner. “We want to build on the next chapter of our company’s growth with our second fund and support more early-stage companies with a deeply technical, game-changing approach to decarbonization.”

Information about clean energy ventures:
Clean Energy Ventures creates global climate solutions by supporting specialist technical teams and transforming them into market-leading commercial teams. CEV is looking for technologies that can reduce 2.5 gigatonnes of CO2 emissions₂e by 2050 and entrepreneurs who can benefit from the team’s decades of operational experience in climate technologies. Founded in 2017, CEV currently has over $415 million assets under management and has so far financed 26 companies. For more information, visit cleanenergyventures.com.

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SOURCE Clean Energy Ventures