Europe is rebuilding its industrial base. Climentum is backing the companies doing it.

Fund II - €60 million first close.

Today we close the first €60 million of Fund II, matching the full size of Fund I. The new fund  will continue backing hard tech for a new Europe, investing in climate hard tech companies shaping a sustainable, resilient, and competitive industrial base. 

A thesis only proves itself through results

We enter Fund II with the thesis already showing results: a realized exit with Studsvik acquiring KNXT less than three years after our initial investment. With a strategic industrial player acquiring the competencies it needs to stay competitive, our thesis has now played out as a result.

The world has moved toward our conviction faster than we expected. A war still grinding on in Ukraine, instability across the Middle East putting pressure on energy markets, supply chains that no longer feel guaranteed, and an unpredictable US policy environment have turned the priorities we built the fund around into strategic and financial necessities. We keep investing exactly there, as an Article 9 fund with a dual carry model that ties our economics to both financial returns and verifiable CO₂ savings. 

An investor syndicate built for the long game

Denmark's state investment fund (EIFO) anchored Fund I and continues into Fund II, joined by the European Investment Fund (EIF), our largest commitment to date, and the Danish Society of Engineers (IDA). In addition, we are excited about the investors who sit alongside the institutional anchors: a strong syndicate of northern European corporate investors, pension trusts, and family offices, many of whom are active in the industrial sectors we invest in. This is the smart money validating our strategy - partners who can support Climentum in the long run. 

The fundraising environment for early-stage climate hard tech has not been easy in recent years. 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. - Morten Halborg, General Partner

A team present where it matters

We are investing from Fund II with a team of genuine diversity and feet-on-the-ground across both the Nordic countries and Germany. That presence has sharpened how we source against a thesis, diligence beyond the technology, and support beyond the capital. Jennifer Dungs joined as General Partner in October 2025, bringing a PhD in chemistry, more than 25 years across Porsche, BMW, and InnoEnergy, and over 40 completed investments. Her arrival deepens a team that already spans scientific, operational, financial, and entrepreneurial backgrounds.

What Fund II will do

The strategy is unchanged: we lead Seed and Series A rounds in European B2B hard tech that strengthens industrial resilience and competitiveness across energy security, supply chain stability, and industrial efficiency, all rooted in business fundamentals. Fund II positions us to deploy against a pipeline that reflects everything we have learned building and stress-testing that thesis, across every deal we have done and every one we have passed on.

Europe is rebuilding its industrial base. The question is whether the capital system can keep pace with the urgency. We intend to be part of the answer.

About Climentum Capital

Climentum Capital backs hard tech companies that strengthen Europe's industrial resilience, sustainability and competitiveness. With teams based throughout the Nordics and Germany, we lead Seed and Series A rounds in companies addressing energy security, industrial efficiency, and supply chain sovereignty. Fund I launched in 2022 at €60 million. Fund II targets up to €100 million.