Interview with Jennifer Dungs

1. Why did you choose to be a VC? And what keeps you in VC?

My career has always been driven by a passion for science, technology, and innovation, starting with a Ph.D. in chemistry and then more than 15 years in the automotive industry. Over time, I became increasingly interested in how to connect these worlds: deep technical expertise, industrial experience, and the broader systems-level changes needed for a sustainable future. Venture capital became the natural next step because it allows me to sit at the intersection of technology, business, and impact. It gave me the chance to work directly with visionary founders and help them scale the hard tech solutions the world urgently needs. What keeps me in VC is the combination of intellectual challenge and purpose: every day I get to learn, support entrepreneurs, and push forward innovations that can reshape entire industries. For me, it’s not just investing capital, it’s investing in the future I want to help build

2. Which success are you most proud of so far as an investor?

One success I’m proud of is my work leading mobility and transport investments at InnoEnergy. I had the privilege of building and managing a portfolio of roughly 40 companies across vehicle technologies including the battery value chain, charging, and mobility infrastructure. Many of those companies were early-stage when we backed them, and now they’re shaping the industry. Beyond financial returns, the real pride comes from seeing these teams grow into key players in Europe’s transition to electrification. For example, helping a startup secure strategic partnerships or scale manufacturing to accelerate viable EV adoption. Those moments remind me why I do this work.

3. Why do you find investing in hard tech appealing?

I’ve always been drawn to hard tech because it solves real, tangible problems. With my technical background in chemistry and engineering, I understand how challenging it is to bring innovations like batteries, EV platforms, or grid technologies to life, but also how transformative they can be once scaled. Hard tech isn’t about chasing the next app; it’s about reshaping industries, building resilience, and driving sustainability. And at a broader level, that transformation translates into new jobs and stronger economic competitiveness, outcomes that are more important than ever for Europe and beyond. For me, it’s deeply rewarding to back entrepreneurs tackling these big, systemic challenges. It’s high-risk, but the potential impact (both commercially and societally) makes it worth it.”

4. How do your skills add to the rest of the team?

I bring a deep technology and commercialization perspective to the Climentum partnership, shaped by years of working at the intersection of industry and innovation. My experience spans both building and scaling advanced technologies as well as investing in and supporting early-stage companies across mobility, energy, and infrastructure. This gives me hands-on insight into both the technical viability of emerging solutions and the practical challenges of bringing them to market. Together with Morten’s financial stewardship, Dörte’s strength in commercial scaling, and Stefan’s macro and impact lens, I hope to complement the partnership by rigorously evaluating technologies, guiding founders on industrialisation, and ultimately creating resilient and competitive European lighthouse businesses.

5. What types of companies or technologies are you most excited to back right now?

I’m most excited to back companies that strengthen Europe’s industrial base and energy resilience, not just ‘nice-to-have’ products but capital-intensive, systems-level solutions that cut import dependency, drive decarbonisation, and create local jobs and supply chains. With recent EU policy and funding, this is a strategic moment to invest. My priority areas are:

● Battery cell manufacturing, materials, and recycling

● Energy infrastructure, from grids to charging to distributed resilience

● Industrial decarbonisation and hard-to-abate technologies

This matters for Europe because the Net-Zero Industry Act and Critical Raw Materials measures are industrial strategy as much as climate policy. They create a runway where targeted VC can deliver returns while building resilience, on-shoring capacity, and strengthening Europe’s competitiveness. Personally, this is where my experience sits: I like backing teams that combine technical rigor with pragmatic business models, because those are the companies that build industries, not just prototypes, and that’s where VC can do real systemic good.

6. What signals do you look for when assessing if a company is truly ready to be invested in and then scale?

For me, assessing investment readiness starts with the fundamentals: a technology that is both differentiated and defensible, and a team that can execute. Given my background, I put particular emphasis on whether the technology is truly scalable beyond the lab or pilot stage, can it be manufactured reliably, integrated into existing supply chains, and meet the performance standards of demanding industries like automotive or energy? I’ve seen many promising ideas stall because they couldn’t make that leap.

Beyond the tech, I look for clear market pull and timing. Is there a solid product-market fit and customer momentum that will accelerate adoption? In Europe, for example, industrial decarbonisation is not just a climate imperative but also an industrial strategy. Companies aligned with that are better positioned to scale.

I also pay close attention to the team’s mindset. Do they combine technical rigor with commercial pragmatism? Are they able to build partnerships, manage capital-intensive growth, and navigate the complexities of industrialisation? Those signals are critical because scaling hard tech is not just about the invention, it’s about the people who can bring it to market.

In short, I look for the combination of technological readiness, market demand, and a team capable of bridging the two. When those align, that’s when you have a company truly ready to scale.

7. What makes you feel human and alive?

What makes me feel most human and alive are deep, meaningful connections and conversations, whether about how we can grow as people or how we can shape a better world. I also find energy in being spontaneous and exploring new experiences. This summer I walked the pilgrimage to Santiago, which was a powerful reset and gave me space to reflect on values and intentional living. Outside of work, I stay grounded through sports, from water and snow skiing to golf, biking, and pilates. I love traveling and spending time with family and friends. One ritual I can’t live without is my evening walk, which helps me slow down, reflect, and recharge.

8. Why did you decide to join Climentum at this stage of your career?

For me, joining Climentum at this stage of my life is about bringing everything I’ve built so far, my technical background, two decades in the automotive and energy industries, and years of investing in hard tech, into a partnership where it can have the most impact. I’ve always been driven by the belief that technology can solve real problems, but it takes the right mix of capital, expertise, and vision to turn that into lasting change. Climentum is exactly at that intersection: a firm with a strong impact mandate, a strong, proven, and collaborative team, and a European focus that aligns with my passion for building resilience and competitiveness here. Just as important, I wanted to work with good people; and the Climentum team is exactly that. At this point in my career, I wanted to join a platform where I could not only back founders but also help shape the investment strategy, contribute to a shared vision, and multiply the effect of my experience. Climentum is that opportunity: a chance to do the most meaningful work of my career.

9. What part of Climentum’s thesis resonated with you the most?

What resonated most deeply with Climentum’s thesis is its unapologetic focus on hard-tech solutions that cut emissions at the core of industry, not hype or short-term fixes. From their emphasis on hardware and deep tech augmented by software, through to their dual carry structure that ties financial returns to real CO₂ reduction.

What strikes me is how the strategy aligns so cleanly with my own belief: that true resilience and competitiveness come from transforming the industrial base itself, from materials, manufacturing, energy infrastructure, etc. Climentum’s sectors of interest (industry, energy, food & agriculture,

buildings and transportation) are exactly where I've seen technology bottlenecks, where scaling hard tech and commercialising innovations are hardest but most essential.

Also, the fund’s ambition to back mission-aligned founders at inflection points, when they can move from proof of concept to industrial scale, resonates with my investment & company-building experience. I believe that’s where leverage and true systemic change happen.

So for me, the combination of:

● Hard tech at Europe’s industrial core

● Impact tied explicitly to emissions reductions, not just green branding

● Focus at stages where scaling is possible (Seed / Series A)

10. How do you see your role in supporting portfolio companies beyond capital?

I see my role in supporting portfolio companies as extending well beyond capital. I aim to be a strategic partner and resource, helping companies accelerate growth, successfully commercialize their technologies, and drive revenue through business development. This includes:

Strategic Guidance:

● Advising on business strategy, market positioning, and growth opportunities.

● Supporting technology strategy and commercialization, including product development, scaling, and go-to-market approaches.

● Assisting with business development strategies to identify, pursue, and close key customer or partner deals.

Operational Support:

● Sharing best practices for scaling operations, building teams, or improving processes.

● Connecting companies with experienced operators or advisors to fill gaps.

Network Access:

● Leveraging my network to open doors to potential customers, partners, and talent.

● Facilitating introductions to industry experts, potential acquirers, or co-investors.

Long-Term Partnership & Mentorship:

● Being available as a sounding board for tough decisions.

● Helping founders anticipate challenges and navigate growth phases effectively.

In essence, I see my role as helping portfolio companies not just survive, but thrive, by providing strategic, operational, and network support alongside capital, with a strong focus on technology, commercialization, and business development.