HomeUSAClean Energy Ventures Closes Fund II, at $305M

Clean Energy Ventures Closes Fund II, at $305M

Clean Energy Ventures
Climate tech venture capital firm Clean Energy Ventures raises a $305M Fund II to scale game changing technologies in North America, Europe and Israel.

Clean Energy Ventures (CEV), a Boston, MA-based global venture capital firm funding early-stage climate innovations, closed its second flagship fund, at $305m.

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.

The fund will invest in climate tech startups that can mitigate gigaton-scale greenhouse gas emissions.

In addition to expanding the firm’s investment opportunities in North America, the latest vehicle allows CEV to bring its strategy and expertise to climate technology entrepreneurs in Europe and Israel.

Alongside the launch of Fund II, CEV has established offices in London to support the growth of its team and operations in Europe. The firm takes a hands-on approach to commercialize its portfolio companies by leveraging a deeply technical and commercial team with support from a group of venture partners and angel investors with extensive industry executive experience and a Strategic Advisory Board led by former U.S. Secretary of Energy, Ernest Moniz.

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,
  • with two additional stealth companies soon to be announced.

The team is led by

  • Temple Fennell, Co-Founder and Managing Partner
  • David Miller, Co-Founder and Managing Partner
  • Daniel Goldman, Co-Founder and Managing Partner.

Founded in 2017, CEV now holds more than $415 million in assets under management and has funded 26 companies to-date.

The launch of Fund II follows the deployment of a $110m Fund I, which has backed 20 companies across the climate tech landscape that collectively aims to mitigate over 50 gigatons of greenhouse gas emissions. Since the early days of Cleantech 1.0, CEV’s team of veteran climate investors have guided the next generation of companies spanning mobility, renewable energy, carbon capture utilization and storage, energy storage, critical minerals, and more through seismic market shifts.

VCWire

29/05/2024