Clean Energy Ventures

investing in early stage clean energy innovations

Our Mission

Clean energy innovations are poised to disrupt markets and achieve extraordinary growth in the coming decade. CEV will invest in companies commercializing disruptive clean energy technologies and business model innovations that are able to achieve significant scale by taking advantage of market-driven forces to address global climate disruption.

Investment Criteria

Clean Energy

Your company’s technology, products and services have the potential to substantially reduce the environmental damage from the production or use of energy.

People

We invest in and with people who will change the world — those of the highest integrity, intelligence and commitment to a clean energy future. We expect the management team to possess the experience and capabilities to successfully execute the business plan.

Investment Returns

We strive to achieve superior risk-adjusted returns for both investors and entrepreneurs. Factors we consider include the size of the target market, the potential to develop a sustainable competitive advantage, and whether there are realistic exit options.

Location

We invest only in companies located in the US and Canada.
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Principals

David Miller

David Miller was Executive Managing Director of the Clean Energy Venture Group (CEVG) between 2005 and 2017.  An engineer by training, he brings over twenty years of technology startup management experience and over eighteen years of seed stage investing experience. He has been on the board of directors or advisory board of several clean energy companies, including MyEnergy, Azima DLI, and Cambrian Innovation and has mentored many others. Previously, Mr. Miller founded several companies, including Quantum Telecom Solutions, which developed software for programmable switching equipment.  He also currently has an appointment as Research Affiliate at MIT’s Sloan School of Management.   Full Bio
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David Miller

David Miller was Founder and Executive Managing Director of the Clean Energy Venture Group (CEVG) between 20015 and 2017. An engineer by training, he brings over twenty years of technology startup management experience and over eighteen years of seed stage investing experience. He has been on the board of directors or advisory board of several clean energy companies, including MyEnergy, Azima DLI, and Cambrian Innovation and has mentored many others. He also has an appointment as Research Affiliate at MIT’s Sloan School of Management. Previously, Mr. Miller founded several companies, including Quantum Telecom Solutions, which developed software for programmable switching equipment. He grew the company to profitability, with over 100% annual growth over a four-year period, and then negotiated venture financing and sold the company to Excel Switching Corp. a public company that shortly thereafter was itself acquired by Lucent Technologies. At Lucent, he served as Director in the New Ventures Group, where he managed and evaluated a diverse set of early stage investments. Mr. Miller is a New England Chapter Director of Environmental Entrepreneurs (E2, www.e2.org), a national community of business leaders who advocate for good environmental policy while building economic prosperity and has developed relationships with state and federal policy makers to support the growth of the clean energy industry. He is a founding member of the MIT Enterprise Forum’s Energy Special Interest Group and chaired the mentor program for what is now called the “Northeast Cleantech Open” for its first four years. Mr. Miller also co-founded EPrime, which is a forum for clean energy entrepreneurs to network and support each others’ enterprises, was a board member of New England Energy and Environmental Funders, which educated investors interested in energy and environmental companies, and was a founding advisory board member of the Northeast Clean Energy Council. Mr. Miller was awarded a patent for co-developing a “one number” telecom service, and taught at Rutgers University in the Electrical Engineering Department. He received his BS and MS in Computer Science and Engineering from MIT, and completed his doctorate at MIT’s Lab for Energy and the Environment, where he studied the utilization and commercialization of distributed generation and energy efficiency measures. His dissertation examined the impact of a variety of management and investment strategies and public policy initiatives on the success of new clean energy ventures. As Research Affiliate at MIT’s Sloan School of Management, he supervises the continuation of this work. Mr. Miller lives in Newton, MA with his wife and two children.

Daniel Goldman

Daniel Goldman has over 25 years of energy industry experience in strategy, corporate and project finance, and project development, as well as private equity/asset investment and early-stage venture investing. Over the course of his career, Mr. Goldman’s experience has spanned the upstream, mid-stream and downstream oil, gas, coal and power generation sectors of the industry, and since 2000 has included an extensive focus on clean energy asset development and finance, energy efficiency technology development, as well as venture and project investments, both domestically and internationally. In addition to co-founding CEVG, from 2006-Sept 2016, he has held positions at GreatPoint Energy, including as its president and chief financial officer from 2011-16. GreatPoint Energy is a clean energy gasification company which Mr. Goldman helped to raise over $280 million from investors such as Kleiner Perkins, Khosla Ventures, Citi, Dow Chemical and China Wanxiang. Full Bio
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Daniel Goldman

Daniel Goldman has over 25 years of energy industry experience in strategy, corporate and project finance, and project development, as well as private equity/asset investment and early-stage venture investing. Over the course of his career, Mr. Goldman’s experience has spanned the upstream, mid-stream and downstream oil, gas, coal and power generation sectors of the industry, and since 2000 has included an extensive focus on clean energy asset development and finance, energy efficiency technology development, as well as venture and project investments, both domestically and internationally. In addition to co-founding CEVG, from 2006-Sept 2016, he has held positions at GreatPoint Energy, including as its president and chief financial officer from 2011-16. GreatPoint Energy is a clean energy gasification company which Mr. Goldman helped to raise over $280 million from investors such as Kleiner Perkins, Khosla Ventures, Citi, Dow Chemical and China Wanxiang. From 2002-06, Mr. Goldman co-founded and was the CFO at New Energy Capital, one of the first firms focused exclusively on investments in clean energy assets using proven technologies with backing from the California State Teachers Retirement System (CalSTRS) and VantagePoint Capital Partners. New Energy Capital invested in a portfolio of clean energy and bio-fuels projects and sold a large portion of the portfolio in 2006 at an attractive exit multiple for investors. Previously, from 1996-2001, he held senior development and finance positions at InterGen, a Bechtel-Shell joint venture global power development company, where he was involved in developing and financing thousands of megawatts of power generation facilities globally. Mr. Goldman started his professional career at Arthur D. Little, where he held positions of increasing responsibility as a senior member of the global energy consulting team in Cambridge and Singapore from 1989-1996. He was responsible for Arthur D. Little’s Asia Pacific Energy Consulting Practice from 1992-96. Mr. Goldman holds a wide range of advisor and board roles: co-founder and director of Environmental Entrepreneurs (E2); member of the board of directors, or a board observer, of several clean energy technology companies, including 7AC (observer), Zagster (observer) and REsurety (director), Quidnet Energy (director), Lionano (director); strategic advisor to Asia Environmental Partners, a Hong Kong-based private equity fund managed by Olympus Capital with $500 million of AUM; member of the board of directors, executive committee and finance committee of the Northeast Clean Energy Council, the leading advocate for the clean energy sector in the region. He has also focused on policy advocacy work to bring investors, policy makers and technology developers together to address issues of finance, scale-up and commercialization, among other key issues. Mr. Goldman received a B.S. from Cornell University and an M.Sc. from the London School of Economics. He is a board member and past Chairman (through October 2015) of the External Advisory Board of Cornell’s Atkinson Center for a Sustainable Future and has previously held other advisory board positions at Cornell. Mr. Goldman lives in Newton, MA with his wife and three children, and is a competitive road cyclist and international qualifying master’s triathlete.

Temple Fennell

Temple Fennell has more than 20 years of experience as an investor and operating executive deploying capital of private investors and family offices in direct investments. Temple founded and operated three companies that were funded by private investors, family offices, and institutional investors (New Enterprise Associates, Oak Investment Partners, Pearson Education and others). Temple most recently served as a full-time strategic advisor for Flagship Ventures, a technology firm that develops technology companies to solve global problems and transform large markets in the energy, water, food and human health sectors. Full Bio
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Temple Fennell

Temple Fennell has more than 20 years of experience as an investor and operating executive deploying capital of private investors and family offices in direct investments. Temple founded and operated three companies that were funded by private investors, family offices, and institutional investors (New Enterprise Associates, Oak Investment Partners, Pearson Education and others). Temple most recently served as a full-time strategic advisor for Flagship Ventures, a technology firm that develops technology companies to solve global problems and transform large markets in the energy, water, food and human health sectors. Temple is on the board of the single family office, Keller Enterprises, and active in the family’s deal origination and due diligence processes. Keller Enterprises is an active investor in late-stage venture and project finance deals in the renewable energy, sustainable food/agriculture, and waste-to-value sectors. Temple is the co-founder and co-director of the World Economic Forum/Harvard education program “Impact Investing for the Next Generation” at the Kennedy’s Center for Public Leaderships training Next Gen family office members how to consider impact investments as part of their direct investment strategy. He helps lead the MIT “Visionary Investing” workshops that are conducted in China, England and the U.S. and is a member of MIT’s Sustainable Finance Group. He is a frequent speaker on the topic of Direct Investment Strategies at conferences including the World Economic Forum, CFA Institute, China Merchants Bank, Campden Wealth Conferences, Family Office Association and others. Temple began his career as a Management Consultant at KMPG in New York and as an analyst for leveraged buy-out firm, Clinton Capital Corporation. Mr. Fennell holds a B.S. in Systems Engineering, University of Virginia, and a MBA as a MIT Sloan Fellow at the MIT Sloan School of Management.
Thirteen of the partners in the Clean Energy Venture Group (CEVG) will become venture partners for CEV, assisting the management company in identifying companies, performing diligence, and, most importantly, adding significant value to the companies in which the fund invests.   See www.cevg.com/team  for bios of CEVG’s partners.

Prior Portfolio

The 15 companies Principals invested in since 2008 and which were actively managed by the Principals and CEVG members.
7AC Technologies: 40-80% efficiency advantage at the same cost with desiccant-based, advanced membrane HVAC systems 7atech.com
Deltatrec: Developed low temperature heat engines using proprietary thermodynamic cycles and technologies
eQuilibrium: SaaS solution enabled businesses to monetize carbon footprint, sold to EnerNOC
MyEnergy: Aggregate utility data to enable residential energy efficiency, sold to Nest Labs (acquired by Google)
NG Advantage: Natural gas delivery to off-the-gas grid industrial customers ngadvantage.com
Pika Energy: DC controller technology to enable efficient, cost effective nano-grids and solar+storage pika-energy.com
Purpose Energy: Treats the organic waste of breweries with patented anaerobic digestion process purposeenergy.com
Quidnet Energy: Utility-scale energy storage using underground reservoirs as a pumped hydro system at very low cost quidnetenergy.com/
REsurety: Brokering hedge products for project owners to mitigate wind volumetric risk resurety.com
Skystream Markets: Operated institutional transaction platforms for the renewable energy and other environmental attributes
Solantro Semiconductor: Chipsets for power conversion and control for use in solar and other distributed generation solantro.com
UltraCell Insulation: Converts recycled fiber materials into high performance building insulation with significant cost advantages ultracellinsulation.com
Voltserver: Remote powering systems over thin copper with 16x the power delivery of power over ethernet voltserver.com
Wespire: SaaS for employee engagement around sustainability wespire.com
Zagster: Bike sharing for cities, leading corporates and universities through technology-enabled programs zagster.com

Differentiating Factors

Operating experience

The Principals and the Venture Partners have experience starting and selling more than 50 companies, holding executive positions in a wide range of start-up technology companies, and serving on boards.

Investing experience and track record

The Principals have a successful track record investing together in early-stage clean energy companies and extensive investing experience overall.

Clean energy sector expertise and network

The Principals have deep, focused expertise in the clean energy industry and broad relationships within the start-up and energy investing ecosystem.

Reputation with entrepreneurs

The Principals have developed a reputation among clean energy entrepreneurs that attracts early-stage companies to seek the Principals’ funding and advice.

Ability to assess and enhance leadership teams

The Principals have years of experience assessing the capability of teams and supporting the entrepreneurs post investment. CEVF will leverage a strategic relationship with one of the world’s foremost leadership and team experts to provide further assessment.

Strategic Advisory Board

The Chair of our Strategic Advisory Board (SAB), Ernest Moniz, was the United States Secretary of Energy, 2013-17, and is helping CEV recruit leading advanced energy and technology executives to join the SAB. In addition to advising CEV, the SAB will also support the Fund’s portfolio companies, such as by making introductions to potential strategic partners.

Contact

Clean Energy Venture Management 50 Milk Street, Floor 16 Boston, MA 02109 info@cevf.com