You Can’t Spell AI Without Borrowing Two Letters From CLIMATE

An astounding two-thirds of all venture capital now flows into AI. But AI doesn’t exist in a vacuum. It runs on data centers and data centers run on energy—a lot of it. Meeting that demand by burning more fossil fuels is neither feasible nor economical. The only scalable path forward is continued renewable deployment, paired with far smarter production and consumption of energy—from the chip, to the grid to the end user. This is where AI and climate investing converge. AI’s growth isn’t competing with climate solutions—it’s accelerating demand for them.

That convergence defined our work in 2025. In a year when venture fundraising fell to a 10-year low, we closed Fund III at $110M, more than doubling our assets under management. The fund enables us to make 25 new investments and follow-on investments to the strongest performers—technologies that are cheaper, faster, better. This year we added four new companies, made +13 follow-on investments, closed one exit, received two awards and hosted two major events. Bridge financings and founder resilience were defining themes as the market adjusted and our startups adapted, resulting in zero wind-downs in 2025. In Q4, momentum accelerated as three portfolio companies raised Series A rounds with new lead investors at meaningful markups (all to be announced soon)!

We’re heading into 2026 with continued conviction. The market for the technologies we invest in—those shaping the future of production and consumption—is large, growing, and increasingly unavoidable.