Clean Energy Ventures (CEV), a climate tech-focused venture capital investment firm, announced it has raised $305 million in the closing 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, capital-light, advanced energy technology and business model innovations that can transform the way energy is produced and consumed and achieve massive scale by harnessing market-driven forces to address global climate change. Criteria for each investment include the ability to cumulatively mitigate at least 2.5 gigatons of CO2e emissions by 2050 from the initial investment.
The company’s investments span sectors such as mobility, renewable energy, carbon capture, utilization and storage, energy storage and critical minerals.
To date, CEV has invested Fund II capital in long-duration energy storage company Noon Energy, compressor technology company Evari, Israeli green ammonia company Nitrofix and UK-based sustainable aviation fuel company OXCCU.
“Clean Energy Ventures is a game changer,” said Temple Fennell, co-founder and managing partner of Clean Energy Ventures.
“Demand for climate investment opportunities is growing around the world and we are grateful for the strong interest from new and existing LPs. As we aim to scale decarbonization technologies globally, we are further focused on our focus of investing in innovative, hardware-oriented climate action technologies that have the potential to deliver significant emissions reductions and top-tier financial returns.”
According to CEV, Fund II is expected to significantly expand the firm’s investment opportunities in North America as well as bring its strategy to climate tech entrepreneurs across Europe. In tandem with the launch of Fund II, CEV has established an office in London to support the growth of its team and business in Europe.
Co-founder and Managing Partner Daniel Goldman said:
“We’ve seen a ten-fold surge in climate tech funding across Europe in recent years, and it is now the fastest growing sector in Europe. By tapping into the region’s vibrant innovation ecosystem, we are poised to fill the funding gap for promising early-stage companies and leverage our expertise and network to accelerate market entry for European companies.”
