Australia’s largest dedicated climate tech venture capital firm Virescent Ventures has completed a $100 million first close of its second climate technology investment fund (Fund II).
Some of Australia’s leading public and private institutions are investors in the new fund, including Westpac and the Clean Energy Finance Corporation (CEFC).
The new fund aims to deploy $200 million into climate technologies and follows the success of Virescent Ventures’ first portfolio, managed on behalf of the CEFC, which has seen more than $270 million deployed across 34 world-leading Australian climate tech investments.
Virescent Ventures managing partner Kristin Vaughan said, “The transition to a sustainable, lower-emissions global economy presents unprecedented opportunities for innovation and investment across all areas of the economy. Australia is uniquely placed to accelerate this transition and capitalise on these opportunities by being a world leader 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.”
The new fund will prioritise strategic investments in innovative technologies and solutions critical for the global transition to net zero. This includes advancing the clean energy transition, electrifying the economy and improving grid management, decarbonising transport and developing smarter cities, building more sustainable food and agricultural systems, and fostering a circular economy.
Born of the CEFC’s Innovation Fund in 2022, whose portfolio it manages on behalf of the CEFC, Virescent’s investees include: world-leading hydrogen electrolyser manufacturer Hysata; Australasia’s largest EV charging infrastructure company, JET Charge; and agribusiness pioneer Loam.
