Clean Energy Ventures raises $305 million to back early-stage climate startups
Solar panels and wind turbines in the Netherlands.
Daniel Bosma | Moment | Getty Images
Clean energy stocks may be underperforming in the public market, but there is still great appetite for companies focused on decarbonization in private markets — with Clean Energy Ventures’ new fund serving as the latest example.
The climate tech firm said Wednesday that it raised $305 million for its second fund, five years after closing its first fund. This latest fund was oversubscribed — the initial target stood at $200 million — but interest from limited partners including The Grantham Foundation, Builders Vision and Carbon Equity led to a higher raise.
The firm is already putting the new money to work, focusing on technologies that go beyond the traditional green investments of solar and wind.
Co-founder and managing partner Daniel Goldman identified industrial decarbonization as one compelling vertical — specifically emissions-reducing technology for the cement and steel industries.
“When you think about where do we need to have material impact, and where are sectors that technology really hasn’t changed for many, many decades, steel and cement rank at the top of the list. So we think there’s huge opportunity there,” he told CNBC.
Two other areas of interest for the new fund include plastics — both more efficient recycling as well as cost-competitive bioplastic production — and grid-improving technologies for distributed energy, such as virtual power plants.
Clean Energy Ventures backed 20 companies in its first fund and has already made six investments via its second fund, including Israel-based green ammonia company Nitrofix, as well as sustainable aviation fuel company Oxccu, which is based in the U.K. Clean Energy Ventures is also opening a new office in London, with Goldman calling the European opportunity “really incredible,” while also pointing to opportunities in Israel.
A lot has changed in the renewable energy landscape since 2019 when Clean Energy Ventures launched its first fund, including the rise – and subsequent fall – of special purpose acquisition companies. During the Covid-era, SPACs proved a popular path for clean energy companies to access public markets. Many have performed poorly since, leading some to argue the enthusiasm around SPACs caused companies to go public that simply weren’t ready.
But Goldman said the unwind of the SPAC trade and poor performance of publicly traded clean energy stocks hasn’t damaged investor perception around the value of clean energy investing, or the idea that greener investing comes at the expense of returns. Clean Energy Ventures’ limited partners, which include institutional investors, asset managers, family offices and registered financial advisors, are not impact investors — in other words they’re focused on returns.
None of the companies from Clean Energy Ventures’ first fund have gone public, but the firm views IPOs as a nice to have, rather than a need to have. Goldman said Clean Energy Ventures’ approach has been to instead focus on strategic sales – in other words backing companies developing technologies that a much larger company, say an energy or industrial giant, might be interested in.
No companies from the first fund have been acquired, although Goldman said there have been interested buyers.
Elsewhere in private markets, private equity is playing an increasingly important role in energy-transition related deals. According to Mike Collier at financial advisory firm Weaver, private equity-backed energy transition deals jumped to more than $25.9 billion in 2023, up from just $500 million in 2018.
Private equity plays a critical part because it can be a stepping stone for companies that have outgrown venture capital, but aren’t yet ready for public markets.
Clean Energy Ventures helps its portfolio companies reach the next stage by partnering with private equity, and Goldman said over the last six months the firm’s seen more interest from that market.
“I’m not saying they [private equity] are coming in and taking early stage technology risk, but once you have a demonstration – or first of a kind – they’re able to get comfortable with coming in for those follow-on projects, much sooner than was traditionally the case,” he said.
Following successful inbound implementations in the Pacific Northwest, North Carolina, and Mexico, Daimler Trucks North America (DTNA) is expanding the reach of its electric semi fleet into Arizona with long-time associate JB Hunt.
JB Hunt will add the new Freightliner eCascadia electric semi to its Arizona fleet immediately, and put it to work delivering aftermarket truck parts from DTNA’s parts distribution center (PDC) in Phoenix to multiple DTNA dealers along a dedicated route.
The electric Freightliner truck is expected to cover approximately 100 miles in a given day before heading “home” to a Detroit eFill charger installed at Daimler’s Phoenix facility.
This milestone marks the first all-electric route in the DTNA aftermarket parts distribution network, significantly reducing carbon emissions and setting a precedent for future sustainable outbound logistics operations.
“This solution with DTNA is a great example of our commitment to supporting customers’ efforts to reduce their carbon footprint and work towards energy transition,” explains Greer Woodruff, executive vice president of safety, sustainability and maintenance at JB Hunt. “JB Hunt owns and operates several eCascadias on behalf of customers, and our drivers have really enjoyed their in-cab experience. As customer interest continues to grow, we are here to enable their pursuit for a more sustainable supply chain in the most economic means possible.”
Daimler is analyzing future expansion opportunities throughout its internal parts distribution and logistics with an eye on electrifing additional routes and further reducing the carbon footprint of its logistics operations.
JB Hunt will evaluate its utilization of the charging station for other customers in the area, eventually enabling fully integrated zero-emission vehicle solutions into its 3PL fleets.
SOURCE | IMAGES: Daimler Trucks North America.
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The Greek cities of Athens and Thessaloniki are popular tourist spots, and those tourists are about to breathe a little bit easier – literally! – thanks to nearly 90 new electric garbage trucks from Mitsubishi Fuso.
The Daimler-owned Mitsubishi Fuso brand has been making big moves since export of its newest electric eCanter medium duty truck kicked off earlier this year. First expanding to Hong Kong, and now taking orders in the EU.
“Thanks to its compact dimensions and high chassis load capacity, the electric Next Generation eCanter is ideal for waste disposal companies that drive on narrow roads,” says Florian Schulz, Head of Sales, Marketing and Customer Services. “In addition, the vehicle is locally emission-free and quiet, so that garbage can be emptied early in the morning in densely populated areas. This makes it particularly suitable for municipal applications.”
One of the most important goals the cities’ governments had was to quiet down the garbage collection process. To that end, Greek body manufacturer KAOUSSIS has put a lot of development work into the upfit body to quiet the hydraulic and compaction actions. The company is calling its refuse body “the first of its kind,” creating a market advantage for the electric eCanter while meeting all EU technical regulations for operating waste disposal vehicles with standing personnel.
The hydraulic system employs proportional, electro-hydraulically operated directional valves that operate at a maximum pressure of 180 bar. KAOUSSIS says it’s specially designed for EVs, and is compatible with garbage bins between 80 and 390 liter (aka: really big) capacities. The lift also features a dynamic weighing system that records the weight of the waste with an accuracy of up to ±0.5 kg (about a pound).
“We have had a very close cooperation with KAOUSSIS for over 30 years,” says Antonios Evangeloulis, Director of Sales & Marketing of the Greek importer & general agent for Daimler truck products and services Star Automotive Hellas. “All the necessary tools, safety measures, technicians, training and certifications are in place and we are able to offer excellent after-sales support for these vehicles. Overall, it was an exciting project that we were able to realize together.”
Forty of the new electric refuse trucks are expected to be deployed by the end of November, with the balance expected to be delivered over the course of 2025.
Electrek’s Take
Electrifying the commercial truck fleet is a key part of decarbonizing city truck fleets – not just here in the US, but around the world. I called the eCanter, “a great product for moving stuff around densely packed city streets,” and garbage is definitely “stuff.”
Here’s hoping we see more “right size” electric solutions like this one in small towns and tight urban environments stateside somewhat sooner than later.
SOURCE | IMAGES: Daimler Trucks, via Charged EVs.
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![Italian DC fast charger maker Alpitronic enters the US market [video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2024/09/Seite-1-KeyVisual_alpitronic_2hypercharger-scaled-1.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
Electrek‘s Seth Weintraub went to Alpitronic America’s new HQ to speak with CEO Mike Doucleff about its plans to roll out its ultra-fast chargers across the US.
Bolzano, Italy-based Alpitronic was founded in 2009, and it specializes in the development and production of DC fast chargers. The global company’s best-known product line is the Hypercharger, an ultra-fast EV charging station that can deliver charging power from 50 kW to 400 kW, depending on the model.
Alpitronic Americas recently announced an agreement with Mercedes-Benz High-Power Charging to become the first DC fast-charging network to deploy Hypercharger 400 units at scale in the US.
Alpitronics Americas’ new headquarters’ 68,000-square-foot office and industrial space in Charlotte, North Carolina, includes a diagnostics laboratory and repair center, a spare parts warehouse, a training center, and space for as many as 300 employees.
The Bolzano, Italy-based company’s Hyperchargers achieve, on average, an efficiency rate greater than 97.5%, and that its repair and service network can service chargers anywhere in the US.
Alpitronic cofounder and CEO Philipp Senoner said, “As a natural part of Alpitronic’s growth, we are anxious to expand our industry-leading Hypercharger network from Europe, where we are market-share leader, to North America. We are pleased with the talent we are finding in North Carolina and look forward to setting a new standard for the EV charging network in the US.”
Alpitronic chargers support all EV brands. Pre-production units have been tested publicly in Rock Hill, SC, and Portland, OR. The first US-built, public chargers are expected to be installed and available in October.
Seth and Mike Doucleff discuss what Aliptronic’s main driver was to come to the US, what attracted them to Charlotte, and what the company thinks the future of DC fast chargers is in the US, among other things. Their conversation begins at 00:41 on the Electrek podcast below:
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