Climate tech-focused venture capital investor Clean Energy Ventures (CEV) announced that it has raised $305 million at the closing of its second flagship fund, with a target to mitigate 75 gigatons of greenhouse gas emissions by 2050.

Founded in 2017, CEV invests in companies commercializing disruptive and capital-light advanced energy technologies and business model innovations that can reshape how energy is produced and consumed, and can achieve significant scale by taking advantage of market-driven forces to address global climate disruption. Criteria for each investment include a capability of mitigating at least 2.5 gigatons of CO2e emissions cumulatively between the initial investment and 2050.

The firm’s investments span areas including mobility, renewable energy, carbon capture utilization and storage, energy storage, and critical minerals.

To date, CEV has deployed capital from Fund II into long-duration energy storage company Noon Energy, compressor technology Evari, Israeli green ammonia company Nitrofix, and UK-based sustainable aviation fuel company OXCCU.

Temple Fennell, Co-Founder and Managing Partner at Clean Energy Ventures said:

“Demand for climate investment opportunities is rising from all corners of the globe, and we are grateful for the amount of interest from our new and existing LPs. As we look to scale decarbonization technologies globally, we’re doubling down on our thesis to invest in novel hardware-oriented climate-saving technologies with the potential to bring outsized emissions reductions and top-tier financial returns.”

According to CEV, Fund II is expected to significantly expand the firm’s investment opportunities in North America as well as bring its strategy to climate technology entrepreneurs across Europe. Alongside the launch of Fund II, CEV has established offices in London to support the growth of its team and operations in Europe.

Daniel Goldman, Co-Founder and Managing Partner, said:

“With climate tech funding soaring tenfold across Europe in recent years, today it is the continent’s fastest growing sector. Tapping into the region’s thriving innovation ecosystems, we are primed to bridge the funding gap for promising early-stage companies and bring our expertise and network to accelerate European companies’ path to market.”