Virescent Ventures has announced the successful first close of its second climate technology investment green fund, raising $100 million from prominent public and private institutions.
The green fund, which aims to deploy a total of $200 million, has attracted cornerstone investments from Westpac and the Clean Energy Finance Corporation (CEFC).
Virescent Ventures, one of Australia’s largest and most active dedicated climate tech venture capital firm, plans to invest in innovative technologies crucial for the global transition to net zero.
The green fund will focus on areas such as clean energy transition, economy electrification, grid management improvement, transport decarbonisation, sustainable food and agricultural systems, and circular economy development.
Kristin Vaughan, Managing Partner of Virescent Ventures, emphasised Australia’s unique position to lead in climate technology.
“Australia has abundant natural and renewable resources, deregulated energy markets, world-class universities and researchers, and government support for advancing clean technologies and industries. This is a generational opportunity for innovation, growth and impact, and we are excited to reach first close of Fund II,” she said.
The new fund builds on the success of Virescent Ventures’ first portfolio, managed on behalf of the CEFC, which has invested more than $270 million across 34 Australian climate tech companies.
Notable investments include Hysata, a leading hydrogen electrolyser manufacturer, and JET Charge, one of Australasia’s largest EV charging infrastructure company.
The CEFC, a cornerstone investor and foundation stakeholder in Virescent Ventures, views this fund as critical for accelerating Australia’s path to net zero.
Ian Learmonth, CEO of the CEFC, expressed pride in supporting the development of climate technologies and highlighted the importance of backing homegrown climate tech pioneers.
“As Australia’s largest specialist climate tech investor, the CEFC created Virescent Ventures to continue leading the market in developing a thriving climate tech eco system. In this critical decade to decarbonise, Australia must continue to back our homegrown climate tech pioneers and their groundbreaking solutions,” he said.
With the first close completed, Virescent Ventures is now focusing on assessing investment opportunities amid growing global demand for breakthrough climate solutions. The firm plans to announce initial investments and further fund closes in the near future, potentially bringing total investments to the targeted $200 million.
For more renewable and solar news, subscribe to ecogeneration.