Account
Climentum Capital is a Copenhagen-based climate hard tech venture firm founded in 2022 by Morten Halborg and Stefan Maard. The firm backs early-stage European hard tech companies building the industrial backbone of a sustainable and resilient Europe, targeting the six sectors responsible for the largest share of CO₂ emissions. Climentum operates as an Article 9-regulated fund and applies a dual carry model that ties partner economics to both financial returns and verified CO₂ savings. The firm maintains teams across the Nordics and Germany, bridging what it describes as Europe's two most complementary innovation regions: the Nordics as a climate innovation hub and the DACH region as Europe's industrial heartland.
Climentum invests in B2B hard tech companies across energy, industry, transport, and agriculture, specifically targeting energy security and industrial electrification, industrial efficiency and decarbonization, and supply chain sovereignty and circular manufacturing.
The firm targets companies whose technologies have the potential to reduce CO₂ emissions at megatonne scale, and explicitly avoids software-only, consumer-facing, or fast-moving consumer goods businesses in favor of deep technical differentiation applied to physical systems.
Climentum Capital Fund II reached a first close of $66M (€60M) in July 2026, with a target of up to $110M (€100M).
LPs at first close include the European Investment Fund ($44M / €40M under the RCR-REPowerEU mandate), Denmark's Export and Investment Fund (EIFO, $16.5M / €15M), and the Danish Society of Engineers (IDA, $5.5M / €5M).
Fund II will make approximately 20 investments, leading Seed and Series A rounds. Fund I closed at $66M (€60M) and delivered a realized exit, KNXT, acquired by Studsvik within three years of initial investment.
Leadership
Morten Halborg is General Partner and Co-Founder, and serves as Managing Partner. He led fundraising for Fund II and is the firm's primary external voice on institutional LP strategy and European industrial policy.
Stefan Maard is General Partner and Co-Founder, leading investments across energy and industrial hard tech with deep operational involvement post-investment. Additional team members include Doerte Hirschberg, Nathalie Öhlander, Claudius Bleicher, Jørn Haanæs, Malin Carlstrom, and Birger Myrberg.
Investment Strategy
Climentum writes $1M–$5M initial checks at Seed and Series A, targeting approximately 10% ownership and reserving 50% of the fund for follow-on investments.
The firm leads or co-leads early rounds, taking board seats and maintaining deep operational involvement with portfolio companies.
The dual carry model, tying a portion of GP economics to verified CO₂ reduction outcomes, is a deliberate alignment mechanism with impact-oriented LPs.
The fund's geographic focus on Denmark, Sweden, Germany, Austria, and Switzerland reflects the firm's belief that climate hard tech leadership will emerge from the intersection of Nordic technical excellence and DACH industrial scale.
Notable Investments
Notable Exits
Morten Halborg — General Partner & Co-Founder
Stefan Maard — General Partner & Co-Founder
stefan@climentum.com
Jorn Haanaes - Associate Partner
jorn@climentum.com
Denmark
