Back

Queensland Investment Corporation backs Virescent Ventures' new climate technology fund

Virescent Ventures

Queensland Investment Corporation backs Virescent Ventures’ new climate technology fund

• QIC joins cornerstone investors Westpac and the CEFC in backing Virescent’s Fund II
• New commitments take investment in Virescent’s Fund II to approximately $125 million
• Announcement on first investment imminent as Fund II seeks opportunities to supercharge the growth of climate tech companies

Queensland Investment Corporation (QIC) has been announced as a major investor in Virescent Ventures’ second climate technology fund (Fund II), joining cornerstone investors Westpac and the Clean Energy Finance Corporation (CEFC).

 

Confirmation of QIC’s investment comes alongside new commitments from a number of high net worth investors, taking first close of Virescent’s new fund to approximately $125 million.

 

Fund II is seeking to deploy $200 million into innovative climate tech companies and follows the success of Virescent Ventures’ first portfolio, managed on behalf of the CEFC, which has seen more than $270 million deployed across 37 world-leading Australian climate tech investments to date.

 

Lottie Bryon, Investment Director at QIC, said: “Partnering with Virescent represents an opportunity for QIC to work with an Australian-based climate manager to meaningfully advance the global transition to net zero. Their CEFC heritage affords Virescent deep expertise and touch points into the clean energy sector, producing a unique origination model that delivers attractive investment opportunities."  

 

“Acknowledging the significant investment required to reach net zero, providing early-stage companies with growth capital to realise opportunities in this enduring secular trend sits at the core of QIC’s climate mandate strategy.” 

 

Kristin Vaughan, Managing Partner of Virescent Ventures, said: “We’re thrilled to have the backing of QIC as we complete our first, soon to be announced, investment from our second climate technology fund. QIC brings a global presence, cross sector expertise and deep financial market insights to Fund II, which will be invaluable as we invest in market-leading climate tech start-ups.”

 

“The calibre of investors backing Fund II shows the confidence major public and private investors have in Virescent and our track record, and the opportunities in Australian climate tech. With abundant natural resources, significant human capital and a steady regulatory environment, Australia has an immense opportunity to be a global leader in climate technology innovation and commercialisation.” 

 

Ben Gust, Managing Partner of Virescent Ventures, said: “Global demand from both the public and private sector for new technologies that reduce emissions, improve efficiency and lower costs, will continue to grow.” 

 

“We’re excited QIC has joined our cornerstones Westpac, the CEFC and over 60 other investors in backing our second climate fund. The global consensus on decarbonisation is clear. The world needs new technology that delivers sustainable growth, and it needs that technology deployed fast. As Australia’s most active climate tech investor, we are excited to be at the forefront of supporting the next wave of Australian climate tech innovators to grow and commercialise.”

 

Virescent Ventures is accelerating its assessment of investment opportunities with an announcement on Fund II’s first investments expected soon.

 

 

ENDS

For further information or interviews contact:

• Chris Williams – chris@kaizenco.au / 0480 386 879
• Ben Hornbrook – ben@kaizenco.au / 0431 180 161

 

 

MULTIMEDIA CONTENT

• Photos of executives from Virescent Ventures and QIC here
• Interview and video content of Virescent Ventures executives and climate tech companies in Virescent Ventures’ portfolio here

 

 

Key Facts:

• QIC joins cornerstone investors Westpac and the CEFC in backing Virescent’s Fund II
• New commitments take investment in Virescent’s Fund II to approximately $125 million
• Announcement on first investment imminent as Fund II seeks opportunities to supercharge the growth of climate tech companies

About us:

About Virescent Ventures: Virescent Ventures is Australia’s largest and most active dedicated climate technology investor. Born out of the Clean Energy Innovation Fund under the Clean Energy Finance Corporation (CEFC), since 2016 Virescent Ventures has deployed over $270 million in 37 investments driving the innovations required for the global transition to net zero. Our portfolio spans clean energy, sustainable agriculture, circular economy, and smart cities. We invest from pre-seed to growth stages, with a focus on maximising emissions reduction and commercial outcomes. For more information visit www.virescent.vc.

Contact details:

Chris Williams - chris@kaizenco.au / 0480 386 879