Climate Investment - We are a unique climate investor focused on oil & gas and energy-intensive industries
Climate Investment (CI) was founded by the Oil and Gas Climate Initiative (OGCI) companies and operationalized in 2017. Our mission is to invest in the technologies which underpin the next generation of global infrastructure, and we believe these technologies will be climate-based.
We are in the early stages of a Climate Transition which requires global investment of between 100T1 and 200T2 by 2050 to deliver a sustainable pathway for human society. This will reshape our energy markets and modes of production, construction, and transportation.
CI invests in companies that are enabling and benefitting from this transition, focusing on the underserved sectors or “white spaces” that have not yet received the attention or capital they deserve.
This focus is on heavy greenhouse house gas (GHG) emitting sectors: Energy systems, Industry, Transport, and Buildings. Collectively, these sectors continue to drive >65% of global GHG emissions but attract less than 25% of global innovation capital.3
CI’s team is converting this market opportunity into results, backed by a combined 500 years of experience. Our experts bring deep insight into industrial sectors vital to decarbonization, a strong track record in venture and growth capital, entrepreneurial leadership from company founders, and operational experience guiding organizations through major climate-driven transformations.
In 2024, CI made six new investments and ten follow-on investments, and CI portfolio companies generated 38.3Mt of GHG impact.
CI’s business model
Delivering innovation into our focus sectors via an investment platform requires a unique business model which blends investment insight and portfolio company support with an active program of commercialization.
Innovation cycles can be long in capitalintensive sectors. To support the maturation of future-defining technology right through to industry adoption, CI operates complementary Venture Capital and Growth Equity strategies. There are strong synergies between these strategies, with later-stage experience enhancing our understanding of what it takes to successfully deploy new technology at scale.
New investments in 2024
Since the beginning of 2024 we have made three new venture investments, supported ten followons, and launched our growth equity strategy with three initial investments.
During 2024, CI supported follow-on financing rounds for Insight M, Andium, Metron, Gradient, 75F, OnTruck, Norsepower, Urbint, Aeroseal, and SensorUp.
At the very end of 2024, we made the first investment out of our growth equity strategy into ocean data company XOCEAN. In the first quarter of 2025 we made two further investments into aerial inspection company Zeitview and oil and gas emissions control expert JessCo Solutions.
Cyclic Materials is transforming the recycling of rare earth elements for technologies like electric motors, electric vehicles, and wind turbines, reducing mining’s environmental impact and promoting a sustainable circular economy
LuxWall enhances building energy efficiency with vacuuminsulated window panes.
44.01 enables sub-surface conversion of CO2 (from point source or air capture) into rock for permanent removal, offering a safe and scalable sequestration method that accelerates natural mineralization.
XOCEAN uses fully autonomous, electric Uncrewed Surface Vessels (USVs) to provide seabed mapping, asset integrity and civil hydrography surveying for leading companies and government agencies.
Zeitview provides automated AI inspection software and services for renewable energy and infrastructure owners.
JessCo Solutions specializes in emission control equipment and services for the oil and gas industry, focusing on vapor recovery units, flares, and combustors.
Supporting our portfolio through collaboration with OGCI member companies
Supporting our portfolio companies is a priority for CI. We are hands-on and patient investors, working alongside founders to support the growth of their innovations, improve access to capital and – when ready – to support positioning for exit. CI’s commercialization professionals support the adoption of portfolio companies (PC) solutions and a key part of this model is deployment within the businesses of OGCI member companies. Our eight-year relationship with OGCI continues to facilitate the introduction of new technologies through pilot programs to validate technologies and the deployment of proven new technologies following introductions made by CI.
OGCI deployments up to the end of 2024
year-on-year growth in annual deployments
Cumulative deployments of CI PCs with OGCI member companies
Spotlight
Norsepower: “Commercialization with our investors”
Norsepower lowers cost and emissions for Equinor, Total, and Shell in the Northern Lights CCUS project.
Norsepower develops innovative rotor sails for commercial shipping to improve efficiency, reduce costs and emissions. Northern Lights is Norway’s flagship Carbon Capture Storage project, developed by Equinor, TotalEnergies, and Shell in conjunction with the Norwegian government. Deployment of Norsepower Rotor SailsTM on the Northern Lights CO2 carriers, Northern Pioneer and Northern Pathfinder, is a standout example of deployment of a CI portfolio company technology by OGCI member companies. These vessels are tasked with transporting captured and liquefied CO2 from European emitters to the Northern Lights receiving terminal in Øygarden, Norway. Each ship is equipped with a 28m x 4m Norsepower Rotor SailTM. The rotor sails will reduce the fuel consumption and CO2 emissions from the vessel by approximately 4%. The saving will help the vessel meet international emissions reduction targets, including the carbon intensity indicator, and save on rising fuel costs, while also future proofing it against future carbon pricing.
CI’s commercialization team has been instrumental in scaling climate solutions by actively connecting portfolio technologies with major industry players and supporting pilots and commercial deployments. This deployment exemplifies how CI’s commercialization team not only identifies high-impact technologies but also actively facilitates their adoption in real-world, high-emitting sectors.
Starting our relationship with the OGDC companies
CI has signed an MoU to become an OGDC Partner. As an OGDC Partner, CI has agreed to provide OGDC signatories insights within the scope of the OGDC that can help the signatories on their decarbonization path. This may include technology inights in peer-learning webinars and regional roundtables, and case studies of best practices for technology adoption.
Spotlight
ICA-Finance
CI case study on collaboration on methane abatement
In 2023, ICA-Finance partnered with Uzbekneftegaz, Uzbekistan’s national oil and gas company, and Vemacarbon to launch an Advanced Leak Detection and Repair initiative aimed at reducing methane emissions in the country’s oil and gas sector. The project was successfully commissioned in 2024 following rigorous assessments to ensure environmental integrity and emission-reduction additionality.
Today, the initiative is generating tradable Upstream Emission Reduction (UER) credits under the German Fuel Quality Directive, which helps position Uzbekistan as a leader in climate-change mitigation practices in Central Asia. With an expected annual impact exceeding 300,000 tonnes of CO2-equivalent emissions reduced, the project not only contributes meaningfully to global climate goals, but also supports local capacity building and knowledge transfer.
CI played a pivotal role in enabling this outcome by facilitating third-party financing, which was essential to unlocking the project’s potential and ensuring the generation of UER credits.
CI portfolio results
Portfolio revenue growth
Our portfolio companies collectively grew revenue by 29%4 between 2023 and 2024, a strong result considering that some of the companies are still at early stages of technology development. Within this data we saw some very strong performers with three companies doubling their revenue year-on-year. These results were enhanced by strong partnerships with OGCI member companies.Portfolio Impact Performance
In 2024, CI portfolio companies generated 38.3Mt of GHG impact – this was a small increase in total GHG impact against 2023. The underlying drivers of this trend are:
- 13% reduction in impact from methane detection companies
- 140% increase in impact from methane abatement companies
- 17% increase in impact from CO2 abatement companies
Methane detection continues to be our largest source of GHG impact in 2024, generating 92% of 2024 realized impact. However, tracking and verifying leak fixes has in some cases become harder, resulting in a slight drop in measured impact from methane leak detection in 2024.
We are very encouraged to see strong growth in impact in methane mitigation as ICA-Finance, Qnergy, and Clarke Valve all step up their activities. Growth in this area was also supported by Trace Carbon Solutions, which acquired a clean gas transportation system in the US Delaware Basin from LM Energy, delivering significant environmental improvements over the alternative infrastructure.
The CO2 abatement portfolio has also continued to accelerate with the growth of the underlying portfolio companies in our energy efficiency category.
Since inception, our portfolio companies have generated over 133Mt of GHG impact – greater than the annual emissions of Chile5 . We publish our GHG impact methodology annually and it is against this methodology that EY has provided limited assurance on our annual realized impact results to ISAE 3000 standards. EY’s statement is included in CI’s annual Impact report.
CI Portfolio Realized GHG Impact (MtCO2e)
Building for the future
As we look ahead, CI is committed to empowering our portfolio companies to develop their technologies, scale their operations, achieve commercial success, and deliver measurable GHG reductions. We will continue to provide follow on capital and tailored support, leveraging our expertise in market development, operational efficiency, and strategic partnerships to help portfolio companies overcome barriers to growth.
A key focus for the year will be the expansion of the newly launched Growth Equity strategy. Our first three investments have focused on driving efficiency into energy and infrastructure businesses; often using massive data collection capabilities supported by AI to drive step changes in operational efficiency.
We expect AI and the data center revolution to be an important part of our growth strategy going forward, but our pipeline is rich with opportunities in industrial, transportation and built-environment sectors. Our goal is to accelerate the deployment of these technologies across global markets to help the companies achieve financial and impact success.
We strongly believe that climate investing is not an individual activity. As an experienced climate investor, we believe it is important to share our learnings and best practices to help grow the overall size and impact of the climate investment ecosystem.
- BNY Mellon: An investor’s guide to net zero by 2050 – $100T
- A&O Shearman: Delivering Net Zero by 2050 – $200T
- UNEP: Emissions Gap Report 2024
- Calculated as the year-on-year growth of the sum of our portfolio companies’ revenues, 100% share.
- EDGAR – The Emissions Database for Global Atmospheric Research