EIF Backs Nordic Climate-Tech Innovation with €34.6 Million Commitment to Course Corrected VC Fund II

EIF Backs Nordic Climate-Tech Innovation with €34.6 Million Commitment to Course Corrected VC Fund II

(IN BRIEF) The European Investment Fund (EIF) has pledged €34.6 million to Course Corrected VC Fund II, a venture-capital fund dedicated to backing early-stage climate-tech companies in the Nordic region. This funding will help the fund reach its target size of 1 billion Swedish kronor. Course Corrected VC Fund II, focusing on innovations in electrification, energy efficiency, and sustainable industrial technologies, aims to support start-ups that contribute to the European Union’s 2050 climate-neutral goal. With backing from EIF, the fund is set to scale up decarbonisation technologies while delivering strong financial returns. The fund is led by experienced Swedish venture capitalists Kerstin Cooley, Katja Bergman, and Christine Ahlstrand, and it follows the success of its predecessor, Fund I.

(PRESS RELEASE) LUXEMBOURG, 7-Feb-2025 — /EuropaWire/ — The European Investment Fund (EIF) has committed a substantial €34.6 million (402.1 million Swedish kronor) to Course Corrected VC Fund II, a new venture-capital initiative focused on supporting early-stage companies in the Nordic region that are developing groundbreaking technologies for climate mitigation and the transition to cleaner energy. This commitment will help Course Corrected VC Fund II reach its target size of 1 billion Swedish kronor, positioning the fund as a key player in driving climate-tech innovation across the region.

Based in Sweden, the fund will focus on ventures in electrification, energy efficiency, and sustainable industrial technologies, primarily within the Nordic countries. As a cornerstone investor, EIF’s backing is intended to attract additional institutional and private investments, fueling the growth of businesses that contribute to the European Union’s ambitious goal of achieving climate neutrality by 2050.

Thomas Östros, Vice-President of the European Investment Bank (EIB) Group, highlighted the importance of innovation in tackling the climate crisis: “Addressing the climate emergency requires immediate action, and innovation plays a crucial role in achieving Europe’s climate targets. Early-stage companies working on pioneering solutions often face difficulties securing funding. By supporting Course Corrected VC Fund II, we are helping bridge the gap from research to commercialization, strengthening Europe’s leadership in climate-tech development.”

Managed by a team of experienced venture capitalists, including Kerstin Cooley, Katja Bergman, and Christine Ahlstrand, Course Corrected VC Fund II stands out as one of the few female-led funds in the Nordic venture capital landscape. Their combined expertise in scaling early-stage companies will be pivotal in identifying and nurturing the next wave of climate-tech leaders.

“We are incredibly excited to have secured such significant backing from EIF,” said Christine Ahlstrand, one of the fund’s founding partners. “Our focus on scaling decarbonisation technologies is integral to the fight against climate change, and with EIF’s support, we look forward to driving both meaningful emission reductions and delivering strong financial returns.”

Course Corrected VC Fund II follows the success of its predecessor, Fund I, which has supported 16 innovative companies in areas such as electrification, energy efficiency, industrial-process transformation, and carbon capture. With the EIF’s backing, Fund II is now actively exploring new investment opportunities and welcomes inquiries from both entrepreneurs and investors eager to contribute to the future of climate-tech.

Background information

EIF

The EIF is part of the European Investment Bank (EIB) Group. It supports Europe’s SMEs by improving their access to finance through a wide range of selected financial intermediaries. The EIF designs, promotes and implements equity and debt financing instruments targeting SMEs. In this role, the EIF fosters EU objectives in support of entrepreneurship, growth, innovation, research and development, the green and digital transitions and employment.

Course Corrected

Course Corrected VC is a venture capital firm focused on early-stage climate positive technology companies in the Nordics. Founded in 2021, the firm is dedicated to supporting entrepreneurs who are developing innovative solutions to address climate change with a commercial approach. Based in Stockholm, Sweden, Course Corrected VC is founded by three female general partners with long standing Venture Capital investing experience and deep expertise in the climate tech sector.

Media Contacts:

EIB Group:                  Thomas Eriksson | t.eriksson@ext.eib.org

Course Corrected:       Kerstin Cooley |kerstin@cc.vc

SOURCE: European Investment Fund