Venture capital investment is increasingly shifting towards the technologies that underpin energy security, industrial resilience and the low-carbon transition, as a new $275 million fund targets energy systems, materials production and climate-critical infrastructure.
Voyager Ventures has closed its second fund at $275 million, bringing total assets under management to $475 million across North America and Europe. The fund will back early-stage companies developing technologies that support energy production and distribution, advanced manufacturing, materials efficiency and carbon management.
Capital moves towards the foundations of the economy
The fund reflects a broader trend among investors towards what are often described as “foundational” industries — the systems that sit beneath modern economies and are increasingly under pressure from climate change, energy volatility and supply-chain disruption.
These include electricity generation and storage, materials used in construction and manufacturing, and digital tools that improve efficiency and reliability across physical infrastructure.
Unlike consumer-focused technology investment, capital in these areas is typically deployed into longer-term projects tied closely to industrial deployment, regulation and public infrastructure.
Energy, materials and carbon management
The fund will invest across several areas relevant to the energy transition, including technologies that improve energy efficiency, expand clean power capacity and strengthen grid resilience.
It will also target innovations in materials production, aimed at reducing emissions and improving productivity in sectors such as construction, manufacturing and mobility.
Software and applied artificial intelligence that optimise physical systems — including energy networks, logistics and industrial operations — are also a focus, alongside carbon management technologies that treat carbon as an industrial input rather than a waste product.
Industrial decarbonisation and resilience
The growing interest in these sectors reflects mounting recognition that meeting climate targets depends not only on renewable generation, but on transforming the industrial systems that consume energy and materials at scale.
Heavy industry, transport and the built environment account for a significant share of global emissions, yet often receive less attention than consumer technologies in venture capital markets.
Recent investment activity suggests this imbalance is beginning to shift, as investors respond to rising demand for resilient energy systems, domestic manufacturing capacity and technologies that reduce exposure to volatile fossil fuel markets.
Signals for the climate transition
While venture capital alone cannot deliver the infrastructure required for net zero, it plays a key role in de-risking early technologies and accelerating their path to commercial deployment.
The launch of funds focused on energy systems and industrial technologies is increasingly seen as an indicator of where innovation — and future infrastructure — is likely to emerge.
As governments and industry grapple with the scale of the climate transition, the direction of private capital offers insight into how energy and industrial systems may evolve over the coming decade.
