Clean Energy Ventures (CEV) has closed its first fund.
The $110m Clean Energy Venture Fund targets the capital gap for seed and early-stage investments in promising advanced energy innovations.
CEV will focus on technologies and businesses in the US and Canada that are ready to be scaled and commercialised, and that have the potential to mitigate global greenhouse gas emissions.
CEV managing director Daniel Goldman said: “After more than a decade of investing in the advanced energy sector, it has 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.”
The fund has already made seven investments in sectors that include advanced metering, residential and industrial energy efficiency, and smart grid sensors and software.
Additional areas of interest include energy storage, grid connectivity, renewable energy production, and clean transportation.