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BFD Expert Voices - Climate Deals

BFD Expert Voices

Silicon Valley's DCVC is raising $1.3 billion across its flagship seventh fund and a second energy and climate fund. 

Why it matters: The targets are a sizable boost from prior funds.

Zoom in: DCVC, based in Palo Alto, Calif., last month upped its seventh fund to $800 million from $750 million, according to an SEC filing.

The firm also started raising a second $500 million climate and energy fund.

The new funds are each about $100 million larger than previous raises. 

The seventh fund is its largest raised to date. 

Catch up quick: Geothermal energy firm Fervo Energy, a DCVC portco, went public in an upsized IPO last month.

Before Fervo's offering, DCVC owned 8.8% of Fervo's shares, held in both DCVC Climate and DCVC's sixth fund. 

At the $27-per-share IPO price, DCVC's 18,114,022 shares were worth about $489 million. 

Fervo's stock closed at $33.91 on Tuesday, giving those DCVC shares a valuation closer to $614 million.

DCVC also invested in nuclear company Oklo, which went public via SPAC in 2024.

The big picture: Fervo's upsized IPO reinvigorated climate tech investing.

The IPO also helped kick off a rush of interest in energy IPOs, unlocking public funds in a sector that's long seen few exits. 

Electricity demand for AI is driving financing in next-gen energy technologies. 

Deep tech is also having a moment, following SpaceX's IPO, and a realization that AI can spit out pure software ventures. 

The bottom line: Fervo's exit is already helping out VC fundraising. 

DCVC rides Fervo boost with $1.3B funds target

Fervo's IPO is already helping fundraising.

Illustration of hundred dollar bills laid over each other forming an upward pointing arrow in the negative space. 

Silicon Valley&#x27;s DCVC is raising $1.3 billion across its flagship seventh fund and a second energy and climate fund. Why it matters: The targets are a sizable boost from prior funds.

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DCVC rides Fervo boost with $1.3B funds target

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