Clean Energy Ventures, the venture capital firm funding early-stage climate innovations, has closed an oversubscribed second flagship fund with total capital commitments of $305m, according to a news release.
“In addition to expanding the firm’s investment opportunities in North America, the new fund allows CEV to bring its strategy and expertise to climate technology entrepreneurs in Europe and Israel,” the release states. “The launch of Fund II follows the successful deployment of a $110 million Fund I, which has backed 20 disruptive companies across the climate tech landscape that collectively are poised to mitigate over 50 gigatons of greenhouse gas emissions.”
CEV requires that each investment be capable of mitigating at least 2.5 gigatons of CO2e emissions cumulatively between the initial investment and 2050. CEV takes a hands-on approach to commercialize its portfolio companies by leveraging a technical and commercial team with support from a Strategic Advisory Board led by former U.S. Secretary of Energy Ernest Moniz.
“Demand for climate investment opportunities is rising from all corners of the globe, and we are grateful for the amount of interest from our new and existing LPs,” said Temple Fennell, Co-Founder and Managing Partner at Clean Energy Ventures. “As we look to scale decarbonization technologies globally, we’re doubling down on our thesis to invest in novel hardware-oriented climate-saving technologies with the potential to bring outsized emissions reductions and top-tier financial returns.”
With a 15+ year track record of growing climate tech companies, CEV now works alongside more than 70 strategic co-investors, and is backed by LPs including Carbon Equity, The Grantham Foundation for the Protection of the Environment, Builders Vision, and New Summit Investments.
To date, CEV has deployed capital from Fund II into long-duration energy storage company Noon Energy, compressor technology Evari, Israeli green ammonia company Nitrofix, and UK-based sustainable aviation fuel company OXCCU (which ReSource recently reported is in a capital raise), with two additional stealth companies soon to be announced.
