Energy and
climate venture.

A comprehensive study of the firms financing the future of energy and climate technology across North America and Europe: who is raising capital, who is writing cheques, and when they will return to market.

This edition maps the venture funds investing in energy and climate technology across North America and Europe: 156 firms and 248 funds, the institutions that back them, the portfolios they hold and the capital they are raising now¹. All data has been drawn from the public record to the best of our ability, and each figure carries its provenance: SOURCED where a public page states it, and PRESS where a size rests only on a press report, shown but left out of every total. Where a figure is not sourced, as with a count from our dataset, a currency conversion or a simple projection, it is labelled MODELLED and its method is given, so the reader always knows how a number was reached. Where a source gives no currency, we say so. A manager’s own words in a podcast or video are labelled GP-STATED (MEDIA) and used as context only; they never set a figure.

No company-level licensed data appears in these pages; any count or total drawn from a licensed database appears only as an aggregate and is labelled LICENSED. Information outside the public record, and any valuation of an individual company, has likewise been withheld.

Fifteen funds are profiled in detail, available on request², chosen by a single rule set out on page 10.

What we found.

Fund formation, 2014–2026.

Dedicated energy and climate funds on record by vintage year and by the manager’s region¹. Eight funds with a vintage before 2014 and 13 with no vintage are not charted².

Each bar counts dedicated funds by vintage year, North America in black and Europe in orange; the figure above each bar is the total. 2026 runs to 31 October. Funds with no vintage or a vintage before 2014 are left off.

The record has two peaks. In 2022, 22 dedicated funds have a vintage, 18 of them North American; in 2024 there are 20, and for the first time European vintages outnumber North American ones, 12 to 8¹. Europe leads again in 2025, with 11 of 14¹.

Notable exits.

Companies with an exit on record, counted once at the earliest public exit date¹, followed by the fourteen most recent dated exits, each sourced to a filing, a release or an established report. The 23 companies with no public exit date are not charted².

Companies by year of earliest public exit; 2026, to 31 October, in orange. No exit on record predates 2016. Exit types across all 79 exit rows: 58 acquisitions, 12 listings by SPAC merger, seven IPOs or listings and two agreed sales still to close³.

Newest first. The holder is the manager the dataset links to the company; other managers may also hold it. No exit values are shown.

Deals.

Dated deal rows from public sources, one row per firm per round, by the firm’s region, 2017 to 31 October 2026¹. Sixteen dated rows before 2017 are left off².

North America in black, Europe in orange and the one Gulf firm, Aramco Ventures, in grey; the figure above each bar is the total. Recent rounds are better covered by the sources searched, so the counts rise toward 2026 and record coverage of those sources. 2026 runs to 31 October.

Darker cells, more rows; the busiest year in each column in bold³. Bands are those used for the capital totals; generalist, listed and excluded bands have no dated rows in these years.

Dated rows for dedicated managers rose every year from 2022: 24, 43, 93, 101 and 115³. Corporate venture units peaked in 2023 with 50 and record 26 in 2026³. On the published record, the specialist funds now set the pace that the energy corporates set in 2022 and 2023.

The field.

All 248 funds on record, by totals band and by the manager’s region¹. Only the dedicated band enters the capital totals; the other bands are carried to map co-investors and limited partners.

The 156 firms are 80 in North America, 75 in Europe and one in the Gulf². Bands are Kennox’s and follow the fund, so one firm can sit in more than one.

US dollars at dataset exchange rates; lower bounds at their stated floor; sizes sourced only to a press report are left out³. 32 Degrees Diversified Energy Fund II, C$84.6M at final close on 7 Oct 2013, is in the PE/growth band and leaves the dedicated totals unchanged⁵. BDC Climate Tech Fund II is counted as unsized because its source prints a bare dollar sign with no Canadian marker⁶. “≥0” marks a band with no lower-bound sizes.

Disclosed capital.

Dedicated funds with a sourced size, grouped by size in US dollars at dataset exchange rates¹. Lower bounds count at their stated floor; the 26 dedicated funds with no size shown and the 27 sized only from a press report are not charted.

Any source tier and any vintage; rows with a Press source are shown for reference and left out of every total in this report. Sizes as each source states them; the US$M column is at dataset exchange rates, and euro sizes are converted at ECB annual averages for the vintage year². Form D amounts sold record offering progress. Breakthrough Energy Ventures Fund II is held unsized and left out of the table and the totals, because the only source for its size carries a person’s name in its address.

Three dedicated funds on record reach US$1 billion or more, all from two North American platforms, Breakthrough Energy Ventures and Energy Impact Partners¹. Below them, a European dedicated fund that closes at €300 million already ranks among the twenty largest on record.

The fifteen at a glance.

The fifteen dedicated funds profiled in detail, available on request (page 23), ranked by disclosed capital in US dollars at dataset exchange rates¹. Each size is given as its source states it.

Ranked in US dollars at dataset exchange rates; sizes in the currency each source states. Euro sizes are converted at ECB annual averages for the vintage year: EUR x 1.0813 for 2023, x 1.0824 for 2024 and x 1.13 for 2025¹.

Each fund is in the dedicated band and has a size sourced to a GP, fund counsel, LP or sponsor release; sizes found only in a Form D or only in the press are excluded. Each has a vintage of 2022 or later. One fund is taken per firm, the largest, and the fifteen largest are ranked by size in US dollars at dataset exchange rates¹. Lower bounds rank at their stated floor; ties go exact first, then alphabetically. Thirty-four funds meet the rule²².

No Canadian manager is among the fifteen. The largest Canadian-managed dedicated fund on record, ArcTern Ventures Fund III at US$335 million, is sized from a news report²³, which the rule excludes. Canadian managers appear on page 9, in the funds raising now on page 11, among the public pools on page 14 and in full on the access map on page 15.

The next five by the same rule are AENU Fund I (€170M¹⁷); SHIFT Invest III (€110M¹⁸); Clean Growth Fund II (≥£81.5M¹⁹); Move Energy Fund I (≥€100M²⁰); Contrarian Ventures Net Zero 2022 (Fund II) (€100M²¹).

The ranking rewards size and disclosure. It says nothing about performance, which is in the Synthetic Analysis edition.

The next raise.

Dedicated funds in market with a vintage of 2023 or later, or none, whose latest close on record is a first, second or interim close¹. Each label gives the amount as its source states it; the bar is in US dollars at dataset exchange rates.

Sizes in US dollars in black and other currencies in orange; a figure marked ≥ is a floor¹.

A target is never a size, so none is printed¹⁵.

Kennox also flags firms with no dated deal in the last 18 months, on dated rows only¹⁶: TotalEnergies Ventures, Ørsted Ventures, Vattenfall (corporate venture investments), Algebris Investments, ArcTern Ventures, Avrio Capital, Cycle Capital, Emmertech, EnerTech Capital, Longbow Capital, MKB (MacKinnon, Bennett & Co.), NGIF Capital, Pangaea Ventures, Renewal Funds.

Every fund in the first table is still raising. For an LP, the useful questions are the final-close date and what has been committed since the figure shown.

Commitments and connections.

The public and institutional limited partners named by the most managers, followed by the largest LP commitments that a public source states¹. Each manager is counted once per LP; unnamed groups such as family offices are left out.

Sourced LP rows only; the most connected public LP in orange¹. Stated amounts are summed in US dollars at dataset exchange rates, and most rows state no amount⁴; 0.0 means no row for that LP states one.

Each amount as its source states it; the US$M column is at dataset exchange rates¹⁷. Canadian government amounts that rest on a bare dollar sign are not shown; the Canada Growth Fund commitment stays because its source states C$50M¹⁴.

Government funds of funds are named most often: the European Investment Fund by 19 managers and BDC Capital by ten¹. The largest stated single commitments go to growth funds outside the dedicated band, led by the Washington State Investment Board’s US$400 million to TPG Rise Climate Fund II⁵. A dedicated manager looking for an anchor should start with the government funds of funds that already back its peers.

Deployment on record.

For each of the fifteen, the commitment on record, what a public source says about deployment and reserves, and the next fund the dataset holds for the manager. Dry powder needs a deployment figure, which is in the Synthetic Analysis edition.

Commitments are sourced in the detailed fund overviews, available on request (page 23). Deployment and reserve policy print “Not on record” because no public source in the dataset states them; GP media remarks are context only and do not count. The next raise is sourced where the dataset holds a successor fund, and otherwise is a Kennox dataset check at 31 October 2026¹⁷.

No public source in the dataset states how much any of the fifteen has called or holds in reserve. Only Energy Impact Partners and Lowercarbon Capital have a later vehicle in the dataset. An LP weighing any of the others has to ask the manager for called capital, reserves and the timing of the next fund directly.

Capital for the next raise.

Public LP pools and programs that back energy and climate managers, with a size where the source states one. Sizes stay in the currency each source gives, so each currency has its own scale and nothing is converted.

Program envelopes and vehicle sizes are not fund closes. Pools without a public size are listed below and not charted; a bare dollar sign in a government source is not shown as a size.

Each row is sourced to the sponsor’s own page or release. For the bare-dollar rows, the amount the source prints appears only in its note.

Most public pools on record publish no size for their venture allocation. A manager planning a raise around one of them should ask for the current allocation and the cheque it writes per fund before counting on it.

Access map.

All 156 managers on record, grouped by structure, with the funds, sized funds and LP rows the dataset holds for each^{1, 2}. Columns: BASE, the country of the manager’s head office (“–” where none is recorded); FND, funds on record; SZD, funds with any public size, press included; LP, LP rows. Underlined names link to the detailed fund overviews page.

Standalone fund. An independent venture manager raising funds from outside LPs. Corporate. A company’s venture unit investing from its balance sheet or a captive fund, including one listed evergreen investor. Government / fund of funds. A public or fund-of-funds investor, direct or through funds. Growth. A private equity or growth manager. Only recorded columns are shown. Totals: 248 funds, 192 sized and 549 LP rows².

Method and notes.

Every figure in this report is either sourced or modelled. A sourced figure is stated on a public page, and its note gives the full link. Sources include fund announcements, fund counsel releases, SEC Form D filings, LP and government disclosures, company and acquirer releases, exchange filings and the press. A modelled figure is a Kennox count, sum, median, ranking or conversion, and its note gives the method. Aggregator rows never set a size, and unverified rows are not printed. Our own views are set in black. They are the summary takeaways and the short commentary on the Deals, Disclosed capital, The fifteen at a glance, Commitments and connections, Deployment on record and Capital for the next raise pages. Everything else is the record. The fifteen funds profiled in the detailed fund overviews, available on request (page 23), are chosen by one rule. Each is a dedicated fund with a size sourced to a GP, fund counsel, LP or sponsor release and a vintage of 2022 or later. One fund is taken per firm, and the fifteen are ranked by size in US dollars at dataset exchange rates, with lower bounds at their floor and ties exact first, then alphabetical.

Disclaimer.