Climentum Capital

Last week, our GP Morten Halborg spent time with peers from across Europe in Luxembourg at two important gatherings hosted by the European Investment Fund (EIF): At Ugly Duck 2025, the conversation was all about how European VC can do more than chase returns, by backing innovation that moves the needle in climate, health and deep tech. ➡️ Key takeaway: The strongest funds are those that create long-term value; not just through financial returns, but by building resilience. At Empowering Equity 2025, the focus shifted to diversity and inclusion, and how smarter, more intentional fund design can unlock better decisions and broader outcomes. ➡️ Key takeaway: Inclusion is increasingly a strategic advantage and a driver of performance. At Climentum, we’re proud to lead by example with 50%+ across all gender diversity metrics. Lastly, it was a great opportunity to reconnect with familiar faces and meet new voices shaping the European venture ecosystem. A big thank you to EIF for bringing together these important conversations. #UglyDuck25 Dr. Jennifer Jacobs Dungs Doerte Hirschberg Stefan Maard Nathalie Öhlander Claudius Bleicher Jonas Neyer

Meet us at Oslo Innovation Week 🇳🇴 We will be in Oslo from Monday to Wednesday next week for #OIW, connecting with founders, investors, and the ecosystem. This year, Oslo Innovation Week puts the spotlight on Real Action, Real Impact, Real Oslo; and we’re looking forward to being part of the conversations driving real change. If you’re around and want to meet up, feel free to reach out. Morten Halborg Doerte Hirschberg Dr. Jennifer Jacobs Dungs Stefan Maard Nathalie Öhlander Claudius Bleicher Jonas Neyer

We’re proud to welcome Dr. Jennifer Jacobs Dungs to Climentum Capital as General Partner. Jennifer joins us with a remarkable track record in industrial transformation and hard tech investing. Her experience spans over two decades across the automotive and energy sectors with deep technical work in chemistry and engineering and leading a portfolio of over 40 companies in mobility and transport. Her strategic focus areas of mobility, energy, and the built infrastructure are a perfect match with Climentum’s core mission: investing in hard tech for a new Europe. ♾️ Jennifer brings a deep understanding of how to scale capital-intensive technologies. Her ability to bridge technical viability with business execution will be instrumental as we back founders transforming Europe’s industrial base. With Jennifer on board, we are further strengthening our presence in Germany and across the continent, supporting resilient, competitive, and sustainable European industry. Welcome to the team, Jennifer. 🚀 Want to know why Jennifer joined Climentum? Read her interview on our new website at climentum.com and read the release on KapitalWatch. Morten Halborg Stefan Maard Doerte Hirschberg Nathalie Öhlander Claudius Bleicher Jonas Neyer

Next Monday, our GP Morten Halborg will take part in “Unlocking Europe’s Growth – The Pension Fund & VC Roundtable” hosted by the European Commission in Brussels. 🇪🇺 This event brings together European pension funds and private capital managers to align on how to finance innovation and long-term growth more effectively. The discussion builds on the newly released report “Mapping Pension Funds’ Attitudes to Venture & Growth in Europe” – a first-of-its-kind study highlighting the €3 trillion opportunity: while Europe’s pension assets are vast, only 0.12% reach venture capital. Redirecting even 1% could unlock billions for innovation. It’s time to turn untapped capital into real economic impact. ♾️ Find the full report in the comments.

Milestone for our portfolio company Jolt Activated Electrodes ⚡ Jolt Green Chemical Industries, a joint venture between Jolt Activated Electrodes (🇪🇸) and the Green Electrodes Consortium for Industry (🇸🇦), has signed an engineering agreement to build a state-of-the-art electrode manufacturing plant at King Salman Energy Park (SPARK) in Dammam. Backed by the Saudi Ministry of Energy, the project supports Saudi Vision 2030 goals around green hydrogen, industrial localisation, and tech transfer. Jolt’s high-performance catalyst-coated electrodes enable cleaner, more efficient processes in green hydrogen, batteries, water treatment, e-fuels, and beyond. The plant, set to go live in 2027,  will feature R&D labs, solar integration, and wastewater reuse, supplying over 750,000 m² annually. We’re proud to back Jolt as they scale deep tech for global industrial transformation. 📢 Full story in the comments.

Following The Drop in Malmö, we hosted our annual Portfolio Day in Copenhagen a week ago with portfolio companies, LPs, friends, and advisors. The day began with a founder-only workshop on resilience, led by Cecilie Willer. Since 65% of startup failures are linked to founder challenges such as burnout and stress, Cecilie guided founders and the Climentum team through practical exercises and techniques to strengthen resilience. Feedback was clear: this session was time well spent. In the afternoon, Khurram Jamil (Area9 Lyceum) hosted our community session. Lars Frølund (EIC - European Innovation Council & MIT) delivered a keynote on Europe’s investment landscape, highlighting the need for radical innovation, larger scale-up financing, and the courage to accept failure. Cecilie, Lars, and Khurram then joined a panel moderated by our GP Stefan Maard, bringing three perspectives on resilience: personal, organizational, and systemic. As our GP Doerte Hirschberg said:  “I feel really inspired. Proud how many great people we have gathered around us.” Thank you to everyone who joined and contributed to making the day a success.

Excited to see our General Partner Morten Halborg speak at the Nordic Fintech Symposium (a prelude to Nordic Fintech Week) tomorrow: 🗓️ Tuesday, 23 September 📍 Celebration Hall, University of Copenhagen He’s joining a panel on “How to Mobilise Capital for Resilience”. Alongside Anders Schelde (CIO, AkademikerPension) and Amanda Koefoed Simonsen (Co-founder, Copenhagen Changery), he’ll dig into how finance can back real solutions for Europe’s climate and industrial challenges and why unlocking pension capital is part of the answer. Join us for a session that connects capital to climate solutions. Copenhagen Fintech

Who are the Climate Deep Tech startups to watch? We’re glad to be featured among 14 VCs in ClimateHack's roundup of the most promising Climate Deep Tech startups. Our GP Doerte Hirschberg highlights three companies that we believe are paving the way in industrial transformation: 🔌 Scale Energy Industrial sites are becoming local energy hubs. Scale Energy deploys decentralised battery systems to stabilise the grid and shave peak loads, bringing flexibility to energy-intensive production. 🏭 ENERIN AS Industrial heat at 100–200°C represents 5% of global energy demand. Enerin is closing the electrification gap in this range, offering a credible path to replace industrial gas boilers. 🤖 Hyperion Robotics Concrete is one of the world’s dirtiest materials. Hyperion uses robotic 3D printing to build low-carbon concrete structures, pushing automation and sustainability forward in construction. Explore the full list by the link in the comments.

Next week, we will be heading just across the bridge to Malmö to join The Drop 2025, Europe’s leading climate-tech festival. Climate-minded investors, game-changing founders, and a laid-back, festival-style vibe all rolled into one. 🌉 We’ll be there to represent the team: Stefan Maard, Morten Halborg, and Jørn Haanæs. Catch us at the main conference or at one of the many side events around town. We’re also co-hosting Super Climate Malmö happening alongside The Drop. It’s an evening dedicated to GPs and LPs who want to invest within planetary boundaries and explore the opportunities of this emerging asset class. Meet Morten Halborg there. What are we looking for(ward to)? Topics like Food/Ag Tech & Biodiversity, Grid/Energy, and Circularity & Critical Minerals are high on our list. 🚀 We’ll be in Malmö on September 16th & 17th. Looking forward to seeing many of you there! ♾️ Doerte Hirschberg Nathalie Öhlander Claudius Bleicher Jonas Neyer

Climentum joins forces with BioInnovation Institute We’re excited to share that Climentum Capital is now an official partner of the BioInnovation Institute (BII). As part of this collaboration, our General Partner Stefan Maard joins BII’s Advisory Group and has already recently been active as a panel participant. In this role, Stefan will support BII in screening applicants to its programs, advise on potential grant candidates, and offer sparring to both BII and its participating startups. He will also contribute feedback on business models and help founders strengthen their investment cases: bringing Climentum’s climate tech perspective into the biotech space. 🚀 BII has already been a valuable and constructive partner for some time, and we’re pleased to deepen the relationship further. ♾️ Morten Halborg Doerte Hirschberg Nathalie Öhlander Jørn Haanæs Claudius Bleicher Jonas Neyer