The climate tech narrative has shifted. After years of policy and hype-driven momentum, the sector is entering a new phase: capital-efficient execution and commercial ROI. Our conviction is simple. Climate impact scales when solutions win on cost savings, resilience, and efficiency gains.
Climate solutions are now increasingly beating incumbents on price and features, and the evidence is on the board: 91% of newly built renewable plants produced electricity more cheaply than fossil alternatives in 2024 (IRENA). Heat pumps outsold gas boilers in Germany for the first time in H1 2025 (Bloomberg). Renewable power now generates more electricity than coal-fired power (EMBER). This is the environment AENU is built for: one where commercial adoption and emissions reductions scale together.
Download the full 2025 Impact Report →
Our 2025 Annual Impact Report shows how climate impact compounds when solutions are economically superior. Since inception, AENU portfolio companies have enabled 21.97 million tons of CO₂e reductions and removals, a figure that has nearly doubled every year of the fund’s life.
To keep increasing the impact, we are evolving our thesis. As Europe transitions from petrostate to electrostate and industrial systems are revamped, we keep betting on two of our core verticals: energy transition and industrial decarbonisation. As an answer to resource scarcity, supply-chain disruptions, and tighter labour markets, systemic resilience is now the third AENU pillar.
Conviction sets direction. Execution is where it compounds. After thorough diligence, every investment gets an unfair advantage through five levers making up AENU’s platform:
- Operator Network providing expertise at decisive moments
- Corporate Access that accelerates adoption
- People & Wellbeing, advocating for founder resilience and outstanding talent
- Non-dilutive Funding that protects ownership and runway
- Impact Expertise helping to turn data into a commercial advantage
That discipline shows up across the portfolio: 89% of portfolio companies measure and report their own impact, 81% have signed an Impact/ESG clause with AENU, and 74% have assigned impact and ESG responsibility internally.
That’s how a strong Europe of electrostates, industrial powerhouses, and resilient supply chains gets built, and we’re here to spot these builders early.
