Apr 4, 2018

Congruent Ventures raises $92 million to invest in sustainable tech

Illustration: Lazaro Gamio / Axios

Congruent Ventures, a new firm led by veteran clean energy VCs Abe Yokell and Joshua Posamentier, has raised $92 million in funds to back early-stage companies focused on sustainability-related technology.

Reversing the trend: A decade ago, a surge in appetite for investing in cleantech ended in disappointment and losses. Congruent's partners say things are different this time.

  • In part, it’s because companies working in sustainable tech, including alternative energy, automotive, and material science can outsource more infrastructure and resources—similarly to the way Amazon Web Services made building internet apps and services easier.
  • Institutional investors are also regaining interest now as they increasingly want to divest from traditional energy like fossil fuels, according to Posamentier.

Notable investors: The University of California and climate-related VC firm Prelude Ventures are investors in Congruent’s fund.

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Coronavirus updates: U.S. probes case with no clear links, virus hits more countries

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The CDC said Wednesday U.S. clinicians have found the novel coronavirus in a person who did not recently return from a foreign country nor knowingly have contact with anyone infected, as six more countries reported their first cases.

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Trump assigns Pence to lead U.S. coronavirus response

Photo: ANDREW CABALLERO-REYNOLDS/AFP via Getty Images

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The big picture: In the wake of a market sell-off and warnings from health officials that there's a real threat of the coronavirus spreading in the U.S., Trump sought to reassure the nation and Wall Street that the U.S. is "ready" for whatever comes next.

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