In a bold step towards reshaping the energy landscape, Energy Revolution Ventures (ERV) has closed an $18 million seed and Series A fund aimed at investing in deep tech sectors, including energy storage, carbon capture, and hydrogen technologies.
At the helm of ERV is Marcus Clover, a chemical engineer-turned-venture capitalist with a career rooted in hands-on innovation. Reflecting on his journey, Clover shared, “I studied at Cambridge, initially expecting a future in oil and gas. Instead, I became the first employee at an aerospace startup, where we developed hydrogen-powered drones for telecoms applications.”
After spending five years in aerospace, Clover transitioned to another firm focused on integrating hydrogen fuel cells into heavy-duty vehicles. It was here, he said, that he recognized the scale of innovation sweeping through the energy sector. “I realized I needed to be part of this transformation from the investment side. That’s when I teamed up with my partners to launch ERV.”
Backing Innovation with Expertise
The 2023 fund brings together a diverse group of Limited Partners (LPs), including family offices from the metals and energy sectors, high-net-worth individuals, and Bidra Innovation Ventures, the corporate venture arm of Morocco’s OCP Group.
ERV has already invested in nine companies across its portfolio, among them Green Li-ion, a lithium-ion battery recycling firm; Anthro, which specializes in structural and safe batteries; and Oort Energy, focused on low-cost renewable hydrogen production.
The firm operates not just as an investment fund but also as a venture builder, dubbed Prosemino. This dual approach allows ERV to invest in independent startups while also incubating new ventures internally, leveraging the firm’s deep technical expertise.
To support its ambitious thesis, ERV has established 4,000 square feet of dedicated wet chemistry and dry lab space in London. According to Clover, “We believe it’s the only lab of its kind outside Europe that isn’t affiliated with a university.”
ERV also taps into an extensive network of advisors, including experts from the University of Oxford and University College London, underscoring its commitment to marrying academic insight with commercial ambition.
A ‘New Chemistry’ Approach to Energy
Clover believes that chemistry will sit at the heart of the next wave of energy innovation. “When I was working on hydrogen in 2015 and 2016, long before the current hype cycles, the cutting-edge technologies were mostly confined to the space sector. We were trying to repurpose them for aerospace applications, and that experience instilled in me an appreciation for rethinking designs from first principles.”
ERV’s investment thesis extends beyond decarbonization to encompass the broader theme of electrification. Clover emphasized, “This isn’t just about generating clean energy. It’s about storing it, transmitting it efficiently, and electrifying vast swathes of the global economy. We’re quite literally rewiring the economy, and it will require a monumental technological push to achieve.”
He drew parallels between the energy sector today and the software revolution that made space exploration more cost-effective. “We’ve seen what software did for the space industry. I believe something similar is set to happen in energy, and that’s where the real excitement lies.”
A Growing Portfolio of Pioneers
Among ERV’s nine investments are:
- Blixt: Specializing in software-enabled power electronics, recently selected for NATO’s Defence Innovation Accelerator (DIANA) program.
- Ecolectro: Developing advanced polymers for next-generation hydrogen electrolyzers.
- Immaterial: Innovating affordable and robust Metal-Organic Frameworks (MOFs) for carbon capture, gas separation, and purification.
TechCrunch has previously spotlighted Anthro Energy, which raised $7.2 million in a seed round co-led by ERV, and Divigas, another portfolio company.
Clover concluded with an optimistic outlook on the electrification market, suggesting it holds even greater promise than decarbonization from an investment perspective.
As the global economy accelerates towards a cleaner, more electrified future, ERV positions itself as a key player, bridging cutting-edge scientific research with scalable industrial solutions.
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