EIF backs Danish fund Climentum with €40 million pledge to support early-stage climate-tech companies in Europe

The European Investment Fund (EIF), Denmark's export and investment fund EIFO and the Danish Society of Engineers (IDA) are backing Climentum Capital Fund II, a Danish venture capital fund investing in early-stage climate technologies across Europe.

Developing new climate technologies requires patient, long-term investors willing to support companies long before they become commercially established. With commitments from EIF, EIFO and IDA, Climentum Capital Fund II has reached a first close of €60 million towards its €100 million target.

The fund will invest primarily in Seed and Series A companies developing hardware and deeptech solutions for energy, industry, transport and agriculture. Its focus is on businesses that strengthen energy security, improve industrial efficiency and accelerate industrial decarbonisation, particularly in Denmark, Sweden, Germany, Austria and Switzerland.

"To build on these, it needs investors willing to back companies developing the industrial technologies that will shape the next generation of clean growth. Climentum Capital Fund II addresses an important financing gap by supporting entrepreneurs building climate solutions for the real economy.”

Founded in Copenhagen in 2022, Climentum Capital specialises in early-stage investments in businesses developing technologies that can reduce the carbon footprint of sectors responsible for a large share of Europe's emissions of greenhouse gases.

While climate tech companies in Europe offer growing hope of stepping up the fight against climate change, fundraising has been held back by higher interest rates, a tougher exit environment, and broad macroeconomic and geopolitical uncertainty.

"The fundraising environment for early-stage climate hard tech has not been easy," said Climentum Capital General Partner Morten Halborg. “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."

Climentum Capital Fund II aims to support companies whose tech products are capable of reducing emissions of carbon dioxide (CO₂) by approximately 1.5 million tonnes a year – equivalent to emissions from 350 000 gasoline-powered cars driven for one year.

"EIFO's mission is to accelerate the green transition while strengthening Europe's strategic independence,” said EIFO Chief Investment Officer Erik Balck Sørensen. “Through our investment in Climentum Capital Fund II, we are helping to scale critical, yet significantly underfunded, climate technologies that are essential to reducing carbon emissions across European industry and achieving Europe's climate ambitions.”

The Danish Society of Engineers (IDA), which represents more than 180 000 engineers, scientists and IT professionals, says access to capital remains one of the biggest barriers facing climate-tech entrepreneurs and has invested in Climentum Capital Fund II to help strengthen Europe's innovation ecosystem.

"We cannot keep talking. We need to turn words into action. Europe needs more competitive technology companies, and Denmark has the ideas, the talent and the research to build them. I see this potential every day among our members. It is unusual for a trade union to become an investor, but I hope IDA can lead by example and inspire others to follow," said IDA President Laura Klitgaard.

The EIF investment is supported by the RCR-REPowerEU mandate and advances the European Union's goal of becoming climate neutral by 2050 while helping reduce Europe's dependence on imported fossil fuels.

Facts about the investment

• The European Investment Fund (EIF), Denmark's Export and Investment Fund (EIFO) and the Danish Society of Engineers (IDA) are investing a total of €60 million in Climentum Capital Fund II, an Article 9 venture capital fund focused on climate-tech startups with measurable climate impact across Europe. The fund has a particular focus on hardware companies in the Nordic and German-speaking markets.
• Expected number of investments: 20.
• Fund size: First close: €60 million. Target size: €100 million.
• Cornerstone investors:
  • European Investment Fund (EIF): €40 million
  • Denmark's Export and Investment Fund (EIFO): €15 million
  • Danish Society of Engineers (IDA): €5 million

EIB Group  

The European Investment Bank (EIB) Group is the financing arm of the European Union, owned by the 27 Member States, and one of the largest multilateral development banks in the world. In 2025, the EIB Group signed €100 billion in new financing and advisory services for over 870 high-impact projects under eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, territorial cohesion, agriculture and the bioeconomy, social infrastructure, strong global partnerships and the savings and investments union. Beyond long-term loans for large infrastructure, the EIB Group crowds in private investment for high-risk innovative projects and businesses, with a growing role in Europe’s markets for venture debt, venture capital, guarantees and securitisations.

The European Investment Fund (EIF) is the subsidiary of the EIB Group specialised in providing guarantees, securitisation and equity to improve access to finance for small and medium-sized businesses and startups across Europe. Acting as an anchor investor, through its extensive network of partnering banks and investment funds, the EIF mobilises private investment and nurtures the ecosystem of venture capital funds to support innovative European entrepreneurs.

In 2023, the EIF together with six Member States (France, Germany, Italy, Spain, Belgium and the Netherlands) launched the European Tech Champions Initiative, a fund-of-funds to scale up innovative startups. To date, this initiative has already enabled the creation of 15 European venture capital mega-funds and scaled up 45 companies, including 12 unicorns (with more than €1 billion in capital).

Photos of the EIB Group's representatives and headquarters, logo files and video B-roll for media use are available here.

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.

EIFO, the Export and Investment Fund of Denmark
As Denmark’s national promotional bank and official export credit agency, EIFO works to open doors for global business, drive the green transition, advance innovative technologies, and contribute to Denmark’s security.

With total commitments exceeding EUR 24 billion and activities in more than 100 countries, EIFO provides financial solutions to Danish companies and their global partners.

EIFO is also Denmark’s most active venture investor, investing in startups and VC-funds. In 2025, EIFO made 31 new investments in companies and 15 in funds. Altogether, EIFO has an investment portfolio of just over EUR 2,7 billion.

IDA

IDA is Denmark’s largest trade union and professional community for academics representing over 180,000 professionals and students in science, technology, engineering, mathematics and IT (STEM).

IDA provides traditional trade union services such as legal advice, career guidance, courses and a wide range of member benefits. In addition, IDA is a professional networking organisation where members come together around their professional interests and have access to around 3,000 events a year.

In 2026, IDA was awarded Denmark’s best trade union by the Loyalty Group for the fifth year running.