Clean Energy Ventures has closed its first fund, a $110 million venture fund aimed at helping early-stage start-ups to market advanced energy innovations.
The venture fund will focus on startups which have already commercialised their technologies across the US and Canada.
The aim is to scale up the adoption of clean energy innovations to mitigate global greenhouse gas emissions. Areas of interest include energy storage, grid connectivity, renewable energy production, clean transportation and water/energy nexus.
The fund has already made seven investments in grid-edge connectivity and advanced metering, innovative materials and manufacturing processes applicable to carbon fibre composites and silicon-based solar wafers, residential and industrial energy efficiency and smart grid sensors and software.
Daniel Goldman, managing director at Clean Energy Venture, said: “After more than a decade of investing in the advanced energy sector, it’s been gratifying that this first fund, which is focused on investments that address climate risks, was significantly oversubscribed. It’s really indicative not only of investors’ appetite for innovation in these sectors but also of the new normal in which this kind of funding is possible without compromising return on investment.
“Investors are clearly seeing that increasing commercial adoption of advanced energy innovations is creating opportunities to earn attractive risk-adjusted returns.
“Unique among investors in the clean energy space, we’ll continue to focus on early-stage advanced energy entrepreneurs with disruptive hardware and materials technology solutions and capital-light business models that have the potential to massively scale.
“That thesis continues to generate extraordinary interest for co-investment and acquisition by an increasingly broad array of energy and industrial sector incumbents seeking new business opportunities and low-carbon solutions to their operations. Our intention is to take significant steps towards realizing our ultimate goal of growing companies to scale and having a material impact on greenhouse gas emissions.”