Climate tech fund raises another $100m for electrification, grid and circular economy
Specialist climate investment fund Virescent Ventures has completed a $100 million first close of its second fund, securing the support of more than 50 investors, including a big four Australian bank.
Virescent Ventures says the fundraising round is just the first for Fund II, which aims to deploy $200 million into climate tech.
Virescent’s first fund has deployed more than $270 million across 34 Australian climate tech leaders, including hydrogen electrolyser manufacturer Hysata, EV charging outfit JetCharge and solar innovator SunDrive.
The company says the new fund will prioritise strategic investments in innovative technologies and solutions critical for the global transition to net zero.
Westpac said the strategic relationship with Virescent would give the bank an opportunity to partner with leading specialists in fast moving and highly specialised sectors.