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.
Tennessee EV charging infrastructure developer PowerUp America just ordered a minimum of 100 new DC fast chargers in Q3 from Kempower, the Finnish company with a manufacturing hub in North Carolina.
PowerUp America, a relatively new player in the DC fast-charging station scene, is preparing to launch its first-ever DC fast-charging station in Kentucky by the end of the year.
These chargers are headed to NEVI-funded sites, which means they must all comply with the Build America, Buy America rules. PowerUp America posted on X/Twitter in October that the 400 kW chargers were already rolling off Kempower’s manufacturing line.
Here’s where they’re going, in addition to the fast charging station in Manchester, Kentucky: five new stations in Tennessee and two in Virginia. That Kentucky site features amenities such as pull-through stalls for easy towing, a full turning radius, a canopy for shade and weather protection, and on-site facilities (likely including snacks and restrooms – you know the drill).
Each charger will offer both CCS1 and NACS connectors and will support tap-to-pay or app-based payments.
Josh Turner, CEO of PowerUp America, said, “Every new site is more than just a charger; it’s an investment in local economies, workforce development, and the transportation future we’re building across the Southeast.”
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Hyundai’s at it again. The automaker is extending its IONIQ 5 lease offer, keeping one of the most affordable EV deals in the US alive at just $189 per month.
Hyundai extends IONIQ 5 lease deal for $189 a month
The Hyundai IONIQ 5 is one of the most popular vehicles in the US, and for good reason. Hyundai updated it for the 2025 model year with more driving range (up to 318 miles), a revamped look inside and out, and a built-in NACS port for charging at Tesla Superchargers.
Hyundai was also offering IONIQ 5 leases as low as $189 per month, making it one of the most affordable options for those looking to go electric.
The offer was set to end on November 3, but Hyundai has extended it for at least another month. Through December 1, you can still lease a 2025 Hyundai IONIQ 5 SE RWD for just $189 per month for 36 months. With $3,999 due at signing, the effective cost is about $300 a month.
That’s still a pretty good deal, considering the 2025 Ford Mustang Mach-E Select RWD is listed for lease at $219 a month for 24 months. With $4,499 due at signing, the effective cost is $406 a month, or over $100 more than the IONIQ 5.
Upgrading to the IONIQ 5 SEL RWD with 318 miles of range costs just $50 more per month. The offer is listed at $239 for 36 months with $3,999 due at signing, or an effective rate of $350.
Hyundai reduced prices on the 2026 model year by nearly $10,000 on some trims after the federal tax credit expired at the end of September.
| Hyundai IONIQ 5 Trim | Driving Range (miles) | 2025 Starting Price | 2026 Starting Price* | Price Reduction |
| IONIQ 5 SE RWD Standard Range | 245 | $42,600 | $35,000 | ($7,600) |
| IONIQ 5 SE RWD | 318 | $46,650 | $37,500 | ($9,150) |
| IONIQ 5 SEL RWD | 318 | $49,600 | $39,800 | ($9,800) |
| IONIQ 5 Limited RWD | 318 | $54,300 | $45,075 | ($9,225) |
| IONIQ 5 SE Dual Motor AWD | 290 | $50,150 | $41,000 | ($9,150) |
| IONIQ 5 SEL Dual Motor AWD | 290 | $53,100 | $43,300 | ($9,800) |
| IONIQ 5 XRT Dual Motor AWD | 259 | $55,500 | $46,275 | ($9,225) |
| IONIQ 5 Limited Dual Motor AWD | 269 | $58,200 | $48,975 | ($9,225) |
The 2026 Hyundai IONIQ 5 was listed for lease starting at $289 per month, but that offer also ended on November 3. Hyundai has yet to update lease offers for the new model. We’ll keep you updated as soon as it’s posted.
Hyundai’s electric SUV remains one of the most affordable EVs in the US, alongside the Chevy Equinox EV and new Nissan LEAF.
For those looking for a spacious, efficient, reasonably priced SUV, the Hyundai IONIQ 5 is still worth checking out.
Interested in taking one for a spin? We’ve got you covered. You can use our link to find available Hyundai IONIQ 5 models near you.
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Polestar is about to make staying on course and finding your exit on the highway a lot less stressful. The EV maker is rolling out Google Maps’ new live lane guidance feature right onto the 10.2-inch driver display in the Polestar 4 – and it’s the first car brand to do so.
If you’ve ever missed an exit because you couldn’t get over in time, this one’s for you. Google Maps’ feature uses in-car AI to determine exactly which lane you’re in by analyzing road elements like road signs and lane markings from one of the Polestar 4’s forward-facing cameras. Then, it gives you visual and audio reminders to change lanes in time. No more guesswork, no more “oh no, that was my exit” moments.
You’ll see every possible lane highlighted for your route, along with a clear indication of which one you’re in. It’s designed to calm the chaos of multi-lane driving, especially in rush-hour traffic or sprawling interchanges.
Sid Odedra, Polestar’s head of UI/UX, says of the company’s latest collaboration with Google: “Live lane guidance continues the path of Polestar’s driver-centric UX strategy, reducing driver stress and improving safety by making missed exits and last-minute lane changes much less of a worry.”
The feature is coming first to Polestar 4 drivers in the US and Sweden “in the coming months,” via an over-the-air update. It’ll hit more markets and road types after that.
Google Maps’ Andrew Foster says this is just the next chapter in a partnership that began with the Polestar 2 in 2020, when it became the first car to ship with Google-built-in software. “Now, Polestar 4 will be the first to integrate our groundbreaking live lane guidance, which will help people drive with even more confidence.”
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
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