Clean Energy Ventures | Investment Thesis & Preferences

01Investment Thesis

We help founders build a cleaner future by investing in disruptive, capital-light climate technologies that reshape how we produce and consume energy. Every investment must demonstrate potential to mitigate 2.5 gigatons of CO2 by 2050.

Exclusion Criteria

No AAA energy infrastructure, pure hardware without moats, companies without clear commercialization paths, or non-technical founding teams

02Investment Team

TF

Temple Fennell

Co-founder & Managing Partner

DG

Dan Goldman

Co-founder & Managing Partner

DM

Dave Miller

Co-founder & Managing Partner, PhD

YJ

Yi Jean Chow

Investment Partner

LS

Lou Schick

Director of Investments

MC

Matt Cohen

Principal

SG

Shanbor Gupta

Principal

TD

Ted Dillon

Chief Operating Officer

CH

Cheryl Hallett

Chief Financial Officer

03F4 Research Brief

Clean Energy Ventures Research Document

Investment Thesis

Clean Energy Ventures (CEV) is a specialized climate tech venture capital firm dedicated to financing disruptive energy technologies and business model innovations that reshape how the world produces and consumes energy. The firm's core belief is that breakthrough solutions to climate change come from early-stage entrepreneurs with transformative technologies backed by deeply technical teams with domain expertise.

Since 2005, CEV's leadership has been at the forefront of clean energy investing, successfully funding over 40+ climate tech startups. The firm applies rigorous technical analysis to every investment opportunity, requiring that every portfolio company demonstrate potential to mitigate 2.5 gigatons of CO2 equivalent by 2050 using their proprietary Simple Emissions Reduction Calculator (SERC). This emissions-based investment thesis differentiates CEV from traditional venture capital and emphasizes impact alongside returns.

Sector Focus

CEV invests exclusively across the climate technology and clean energy spectrum, including:

Advanced Materials & Manufacturing: Low-cost processing solutions for critical minerals, steel decarbonization, sustainable building materials
Energy Storage & Infrastructure: Battery innovations, thermal storage, grid enhancement technologies, distributed energy resource integration
Clean Hydrogen & Electrification: Green hydrogen production, industrial electrification, decarbonized heat systems
Carbon Capture & Utilization: CO2 capture from air and waste streams, upcycling solutions, sustainable aviation fuels
Industrial Decarbonization: Process efficiency improvements, alternative manufacturing cycles, waste-to-value transformation
Water & Resource Efficiency: Advanced filtration, desalination, and recycling technologies
Energy Efficiency & Smart Systems: Grid optimization, industrial IoT, data center cooling, HVAC improvements

Stage Focus

CEV primarily invests at the Seed and Series A stages, with selective Pre-Seed investments in exceptional technical teams:

Pre-Seed: $500K-$1.5M for teams with strong IP protection and technical validation
Seed: $1M-$5M for companies demonstrating engineering validation and early customer traction
Series A: $3M-$15M for companies with product-market fit and clear scaling pathways
Follow-on: Significant reserves allocated for follow-on investments in top performers

The firm typically leads or co-leads rounds, demonstrating strong conviction. As of November 2025, CEV has invested in approximately 50 companies with 4 new investments in the last 12 months.

Check Size & Fund Status

Typical investment range: $1M-$5M at Seed stage. Fund II ($305M) closed May 2024 and is actively deploying with board seats standard for most investments.

Portfolio & Leadership

CEV's portfolio includes 45+ active companies including Nth Cycle, LineVision, Noon Energy, OXCCU, Advanced Ionics, Aqua Membranes, Nitrofix, Electrified Thermal, Lithios, Transaera, Boston Materials, ClearTrace, Pearl Certification, and NexDash.

Founding Partners: Temple Fennell, Dan Goldman, Dave Miller (PhD physicist). Investment Partners: Yi Jean Chow, Lou Schick. Leadership team also includes 19 Venture Partners and a Strategic Advisory Board chaired by Dr. Ernest Moniz (Former U.S. Secretary of Energy).

Decision Process & Timeline

Partnership-based with technical diligence. Decision timeline typically 4-8 weeks from application to investment.

Value-Add & Involvement

CEV provides high-touch post-investment support including leadership coaching, strategic marketing, IP & technology enhancement, board participation, industry connections, and capital markets support. Board seats are standard, with active governance involvement.

Geographic & Sector Focus

Primary markets: Boston, Silicon Valley, NYC, Seattle, London, Berlin, Israel. Exclusive focus on climate tech and clean energy across advanced materials, energy storage, clean hydrogen, carbon capture, industrial decarbonization, water efficiency, and energy efficiency sectors.

Track Record

With 20+ years in climate tech, CEV has achieved exceptional 85% success rate in hardware-focused cleantech (vs 10% industry average). Fund II targets 75 gigatons CO2 mitigation by 2050. Partnerships with Breakthrough Energy, Lowercarbon Capital, Energy Impact Partners, and strategic co-investors including Shell Foundation, bp Ventures, and major corporates.

04Selected Portfolio