ArcTern Ventures: One of the largest Cleantech funds worldwide strengthens European presence
ArcTern opens new office in Oslo and aims to support European Cleantech companies in their business in North America.
ArcTern Ventures, an investment company from Canada, launched ArcTern Ventures‘ Fund II, one of the largest cleantech funds with a volume of 130 million euros, at the beginning of this year. The investment company focuses on the sectors clean energy, energy storage, mobility, materials and efficient production processes, resource efficiency and agriculture/food. In the summer, the company will strengthen its European focus and open a European location in Oslo, Norway.
From August 2020, the European office will be headed by Kristin Aamodt, who previously worked for ten years at the energy group Equinor – and most recently led the institutional investment vehicle Equinor Technology Ventures. Aamodt is now moving away from the company, which is strongly influenced by oil and gas investments, and will in future concentrate purely on cleantech investments. Together, Equinor and Arctern have already invested in wind power technologies in the past.
ArcTern chose the location Notwegen not without reason: Nysnø Climate Investment, an investment company initiated by the Norwegian Ministry of Trade, also made a significant contribution to the fund launched in January. Nysnø contributed approximately EUR 13 million to ArcTern Ventures‘ Fund II.
ArcTern sees Europe as a thriving startup ecosystem in the cleantech sector, coupled with continued political support (European Green Deal) for the transformation to a green economy. In general, ArcTern is one of the few investment companies to focus on early-stage cleantech start-ups with the aim of building up real market winners from emerging young companies.
„We firmly believe that in a market economy, those who solve big problems deserve the big reward,“ says the ArcTern website. With European investments in sectors such as mobility, recycling, sustainable food supply and decarbonisation of energy systems, ArcTern is also committed to helping companies expand in North America.
We are pleased to establish our European headquarters in Norway, as the country shares many values with Canada. Both countries take a strategic approach to the economic opportunities made possible by cleantech, and both are working to transition from historical strengths in the oil and gas industry to a low-carbon economy.Tom Rand, Managing Director of ArcTern Ventures
Siri Kalvig, CEO of Nysnø Climate Investments, expects ArcTern’s increased focus on European cleantech companies to increase investment for a cleaner, greener future. „There is no doubt that global expansion of technologies will be the solution,“ says Kalvig.
Overview: Portfolio ArcTern Ventures
- clir – improving the performance of wind turbines through machine learning.
- Hydrostor – Hydrostor is a leader in the field of Advanced Compressed Air Energy Storage.
- morgansolar – solar modules for concentrator photovoltaics.
- GreenMantra – the world’s only manufacturer of low-carbon synthetic wax
- Span – Smart Energy Management for households.
ArcTern was founded by Murray McCaig and Tom Rand out of the conviction that the accelerating transition to a greener economy will disrupt all industries and provide a trillion dollar opportunity for both oversized financial returns and environmental benefits.