Clean Energy Innovation Fund
The Clean Energy Innovation Fund is a specialist climate tech venture capital investor, drawing on CEFC finance and expertise to invest in innovative businesses helping to accelerate the transition to net zero emissions.
The transition to a net zero economy is creating enormous opportunities for new technologies, new business models and rapid innovation and commercialisation.
The Innovation Fund invests in companies with experienced and capable management teams, a competitive edge in technology and innovation, and the potential for both domestic and global market application of their technologies and solutions. It aligns these companies with climate tech investors, who are motivated by the positive environmental impact of climate tech innovation, as well as commercial potential and robust business fundamentals.
Innovation Fund investment priorities
The Innovation Fund is managed by Virescent Ventures on behalf of the CEFC. With no single solution to the complex challenge of economy-wide emissions reduction, Australia’s climate tech innovators and entrepreneurs are part of a global race to capitalise on the sustainable economy of the future. Opportunities exist across all areas of the economy, with the Innovation Fund prioritising activity across four high impact areas.
Clean energy
transition
Low cost renewables, decentralised generation, widespread electrification
Mobility and
smart cities
Multiple modes of transportation, optimised built environment, focus on embodied carbon
Food and
agriculture
Supply chain redefined to feed more with less, enrich and build resilient soils
Circular economy
and industry
Efficient production, industrial improvements, reuse and recycle to address the waste crisis
Virescent Ventures
The Innovation Fund is managed by Virescent Ventures, a specialist climate tech fund manager in which the CEFC has a 30 per cent shareholding. The decision to establish Virescent Ventures as an independent investment management firm allows the CEFC to catalyse and attract significantly more private sector investors into Australian climate tech. Virescent is pursuing a capital raise in 2024, with a new Fund ll expected to be cornerstoned by the CEFC. Fund II will also target superannuation funds, institutional investors, large financial institutions and sophisticated wholesale investors. The goal of Fund II is to deploy a further $200 million or more into climate technologies over the next five years, complementing the focus of the Innovation Fund.
read the report
2023 Australian Climate Tech Industry Report
The 2023 Australian Climate Tech Industry Report was developed by Climate Salad, an active network to boost climate tech companies in Australia. The CEFC was pleased to support the report.
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Investee companies
