Danish Climate VC Climentum Capital Launches $65M Fund II

Jan de Vries · 2026-07-03

Copenhagen-based Climentum Capital has reached the first close of its second fund at $65 million, matching the full size of its first fund as it continues backing European climate HardTech companies aiming to strengthen the continent’s industrial resilience, sustainability and competitiveness. The European Investment Fund (EIF) has committed $43.6 million to the fund, while Denmark’s Export and Investment Fund (EIFO) has invested $16.3 million and the Danish Society of Engineers (IDA) has committed $5.4 million. ### Why This Matters Now The fundraising environment for early-stage climate HardTech hasn’t been easy lately. Investors are more selective, timelines are longer, and the proof bar is higher. That’s why the composition of the Fund II launch matters: our investor syndicate reflects informed conviction, not momentum investing, says Morten Halborg, General Partner at Climentum Capital. Climentum Capital’s first close comes amid continued 2026 funding activity across European climate HardTech, industrial decarbonisation and adjacent energy-transition sectors. ### Recent Funding Trends in Climate HardTech We’ve seen at least $266 million in disclosed startup funding across comparable areas this year. Here’s a quick look at some of the bigger rounds: - RIFT raised $124 million for industrial heat in the Netherlands - Entrix secured $46.9 million for battery optimisation in Germany - D-CRBN closed $19.1 million Series A for industrial CO₂ conversion in Belgium - Exergy3 raised $12.4 million Seed round for clean industrial heat in the UK Danish relevance is also visible through Copenhagen-based Kvasir Technologies, which raised $10.9 million to scale climate-neutral marine biofuel. Climentum Capital has previously backed Nature Robots and remains an investor in one.five, placing the new fund close within a wider European pattern of capital moving into technologies linked to industrial efficiency, energy security, circularity and emissions reduction. ### What Experts Are Saying “Europe has excellent research and business ideas,” adds EIF Deputy Chief Executive Merete Clausen. “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.” Founded in 2022, Climentum Capital backs HardTech companies that can help reduce the carbon footprint of sectors responsible for a significant share of Europe’s greenhouse gas emissions. ### Track Record and Investment Strategy Its first fund launched at $65 million and has already delivered a realised exit, with Studsvik acquiring KNXT less than three years after Climentum’s initial investment. The firm said the deal demonstrated its thesis in action, with a strategic industrial player acquiring capabilities needed to remain competitive. Climentum Capital Fund II is targeting up to $109 million and will invest primarily in Seed and Series A companies developing hardware and DeepTech solutions across energy, industry, transport and agriculture. The fund will focus on businesses working on energy security, industrial efficiency, supply chain sovereignty and industrial decarbonisation, particularly across Denmark, Sweden, Germany, Austria and Switzerland. ### How the Fund Works The new fund is structured as an Article 9 fund and uses a dual carry model that links the firm’s economics to both financial returns and verified CO₂ savings. Climentum Capital Fund II aims to support companies whose technologies are capable of reducing CO₂ emissions by around 1.5 million tonnes a year, equivalent to emissions from 350,000 gasoline-powered cars driven for one year. “EIFO’s mission is to accelerate the green transition while strengthening Europe’s strategic independence,” says EIFO Chief Investment Officer Erik Balck Sørensen. “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.”