Canada-based, cleantech-focused venture capital firm ArcTern Ventures has raised C$60m ($46m) for the first close of its second fund, which has secured backing from power producer Equinor.
Omers Ventures, the VC arm of pension fund the Ontario Municipal Employees Retirement System, is also a limited partner in Fund II, which had a C$100m target. The firm has now announced a hard ceiling of C$150m for the fund.
Founded in 2012, ArcTern invests in developers of technologies covering renewable energy, energy use and storage, advanced manufacturing and materials, mobility, agricultural technology and the circular, sustainable economy.
Arctern’s 10-strong portfolio includes solar module producer Morgan Solar, internet-of-things technology developer MMB Networks and GreenMantra Technologies, the creator of a plastic-to-wax conversion technique.
Gareth Burns, managing director of Equinor’s corporate venturing unit Equinor Energy Ventures, said: “As the current energy transition continues to progress, Equinor Energy Ventures is investing in attractive and ambitious growth companies in renewable energy.
“Equinor, formerly Statoil, chose ArcTern as a North American partner because of its unmatched access to the early-stage cleantech startup ecosystem.”
