Climate VC Climentum Hits $63M First Close for Fund II

Jan de Vries · 2026-07-03

Copenhagen-based Climentum Capital has just scored a major milestone. The firm reached the first close of its second fund at $63 million (€60 million), matching the entire size of its first fund. That's a clear signal that European climate HardTech is still attracting serious capital, even when the broader fundraising scene feels tight. ### Who's backing this fund? The money comes from some heavy hitters. The European Investment Fund (EIF) committed $42 million (€40 million). Denmark's Export and Investment Fund (EIFO) chipped in $15.8 million (€15 million). And the Danish Society of Engineers (IDA) added $5.3 million (€5 million). That's a strong vote of confidence from both public and private players. "The fundraising environment for early-stage climate HardTech has not been easy in recent years," says Morten Halborg, General Partner at Climentum Capital. "Investors are more selective, timelines are longer, and the proof bar is higher. That is why the composition of the Fund II launch matters: our investor syndicate reflects informed conviction, not momentum investing." ### Why now? The bigger picture This first close lands right in the middle of a busy 2026 for European climate tech. EU-Startups has tracked at least $256 million (€244.1 million) in disclosed funding across similar sectors this year alone. Some standout deals include: - RIFT's $119 million (€113.8 million) financing for industrial heat in the Netherlands - Entrix's $45 million (€43 million) raise for battery optimization in Germany - D-CRBN's $18.4 million (€17.5 million) Series A for industrial CO₂ conversion in Belgium - Exergy3's $12 million (€11.4 million) Seed round for clean industrial heat in the UK Danish startups are also making moves. Copenhagen-based Kvasir Technologies raised $10.5 million (€10 million) to scale climate-neutral marine biofuel. Climentum Capital has already backed Nature Robots and one.five, showing its early conviction in this space. ### What's the fund's focus? Climentum Capital Fund II is targeting up to $105 million (€100 million). It'll invest mainly in Seed and Series A companies building hardware and DeepTech solutions. Key sectors include energy, industry, transport, and agriculture. The geographic sweet spot? Denmark, Sweden, Germany, Austria, and Switzerland. The fund is structured as an Article 9 fund under EU regulations, which means it has a clear sustainability goal. But here's the twist: it uses a dual carry model. That ties the firm's earnings to both financial returns and verified CO₂ savings. The goal is to back technologies that can cut emissions by around 1.5 million tonnes per year. That's roughly equivalent to the emissions from 350,000 gasoline-powered cars driven for a year. "Europe has excellent research and business ideas," says Merete Clausen, EIF Deputy Chief Executive. "To build on these, it needs investors willing to back companies developing the industrial technologies that will shape the next generation of clean growth. Climentum Capital Fund II addresses an important financing gap by supporting entrepreneurs building climate solutions for the real economy." ### Track record matters Climentum Capital was founded in 2022. Its first fund also launched at $63 million (€60 million) and has already delivered a realized exit. Studsvik acquired KNXT less than three years after Climentum's initial investment. The firm says that deal proves its thesis: strategic industrial players are hungry for the capabilities these startups bring. ### Why this matters for the US audience For US readers, this is a window into how Europe is tackling industrial decarbonization. The continent faces unique challenges — energy security, supply chain sovereignty, and the need to stay competitive globally. Funds like Climentum's are channeling capital into hard tech that could eventually reshape global supply chains. And with $63 million already committed, the momentum is real. "EIFO's mission is to accelerate the green transition while strengthening Europe's strategic independence," says Erik Balck Sørensen, Chief Investment Officer at EIFO. "Through our investment in Climentum Capital Fund II, we are helping to scale critical, yet significantly underfunded, climate technologies that can make a real difference." So keep an eye on this space. The next big climate breakthrough might just come out of a Danish lab or a German garage, backed by a fund that's built to last.