VC Profile: Klima lines up green energy deals from EUR 210m debut fund

It plans to complete up to 15 deals by 2026, she added.

The vehicle will invest in energy storage, smart power grids, hydrogen-related technology, biogas, fuel, and sustainable industry and transportation, she said.

EIF support
Launched in 2020, the fund secured EUR 210m in a final close held in August 2022, against its target of EUR 150m, she said.

The European Investment Fund (EIF) committed around EUR 30m, while half of the EUR 210m was secured from private investors, institutionals (mainly pension funds, banks and insurers), as well as family offices, she said.

Alantra, including the fund’s management team, and Enagás, invested a combined EUR 50m, as announced.

It is considering kicking off a second vintage of the fund, although this would not happen this year, she said. In 2024, the managers will define the strategy for the new vehicle and will launch it once the first fund has been entirely deployed, she added.

Sights set on European tech
The green fund will invest EUR 7m-EUR 10m when entering a company and could acquire up to 10% of a potential target, Bonnet said. It mainly participates in rounds of at least EUR 10m at Series B or above and acts as lead or co-lead investor, she added.

Klima focuses on companies that plan to be profitable within the next three years, with a recurring customer base and revenues of EUR 5m-EUR 15m, she said. It invests in exchange for a seat at the board of the companies it targets.

The fund expects to deploy 80% of its capital in Europe, including Israel and the UK, and 20% in North America, she said. It has already completed three deals in Europe and one in the US, she added. Klima’s team sources deals in-house, she said

In 2021, Klima participated in Mainspring Energy’s USD 140m Series E led by Lightrock, as reported. In June 2022, Swiss datatech platform Meteomatics finalised a CHF 13.5m (EUR 13.7m) Series B led by Klima.

In September of the same year, Swedish-Polish solar roof builder SunRoof completed a EUR 15m funding round also led by the vehicle, as reported. Klima also invested an undisclosed amount in Germany-based OTC energy trading platform operator Enmacc, as reported.

The vehicle expects to support companies financially over a five-year period. It has a two-digit target in terms of IRR she said, declining to give further details.

Mitigating environmental impact
The vehicle is Article 9 compliant under the EU Sustainable Finance Disclosure Regulation (SFDR), Bonnet said. It focuses on the environmental impact of its portfolio, and integrates environmental criteria when screening markets, she added.

When Klima is looking into investing in a specific target, it carries out ESG due diligence and establishes sustainable goals to achieve with its potential portfolio companies, she said. Around 30% of the fund’s carried investment is linked to these goals, she added.

UK-based Neofin Advisory has advised the vehicle on its annual ESG reporting, which is now established internally, she added.

[Editor's note: The fourth paragraph under 'Sights set on European tech' has been amended to correctly identify the company as Mainspring Energy that saw Klima participate in its Series E raise.]

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