Last updated: November 2026.
The energy transition is what we invest in: every company we back develops a technology that contributes to climate change mitigation. Environmental, social and governance (ESG) criteria are therefore not a filter added at the end, but part of the analysis, from the first meeting to the exit. We see them as a source of value: they reduce risk, sharpen strategy and prepare companies for the requirements of their future industrial customers and financiers.
Our conviction
Reaching net zero in Europe takes technological breakthroughs, not just incremental improvements. We invest in three complementary verticals: new nuclear, energy storage, and energy efficiency and AI. Our responsibility as an investor is twofold: to finance technologies with a strong climate impact, and to make sure they grow in a safe, responsible and well-governed way.
Frameworks. Our approach draws on the EU Sustainable Finance Disclosure Regulation (SFDR, 2019/2088), the EU Taxonomy of sustainable activities, which notably recognises nuclear among the activities contributing to climate change mitigation, and the United Nations Sustainable Development Goals, in particular clean energy (SDG 7), industry and innovation (SDG 9) and climate action (SDG 13).
ESG at every stage of the investment
1. Screening and exclusions
We do not invest in tobacco, coal, pornography, arms production or gambling. Every opportunity is first assessed for its contribution to climate change mitigation and for the integrity of its management team.
2. Pre-investment analysis
An ESG questionnaire tailored to each company complements the technical, financial and market analysis. It covers in particular:
- Environment: climate contribution of the technology, emissions of the company and its value chain, use of critical raw materials, recycling and end of life, waste management and, for nuclear, safety and the fuel cycle;
- Social: health and safety, working conditions, diversity and gender balance in the teams, relations with local communities;
- Governance: composition of management and supervisory bodies, business ethics, regulatory compliance, cybersecurity and data protection;
- Resilience: exposure to physical and transition climate risks.
3. Contractual commitments
The findings of the analysis lead to concrete ESG objectives, written into the shareholders’ agreement and shared with the founders.
4. Support during the holding period
Each company undergoes an annual ESG review, based on its reporting and on our discussions with management. We help teams structure their approach (footprint measurement, governance, internal policies) as they grow, and we draw on our industrial and scientific network to support them.
5. Exit
When we sell, we make sure the company’s ESG track record is passed on and favour buyers able to pursue its development responsibly.
What we monitor
Throughout the holding period, we monitor a core set of indicators adapted to each company’s size and stage: climate contribution of the technology (avoided emissions where measurement is meaningful), greenhouse gas emissions, energy consumption, use of critical materials, share of women in the workforce and in management bodies, independence of governance, health, safety and ethics incidents.
Reporting
Fund investors receive an annual summary of the portfolio’s ESG performance and of progress against the objectives set. Regulatory disclosures (SFDR classification, sustainability risk integration, principal adverse impacts, remuneration) are available on our Legal notice and regulatory information page.
How we run the firm
We apply to our own organisation the principles we promote with our portfolio companies: restraint in travel and purchasing, ethics and professional conduct governed by our compliance framework, and attention to the diversity of our teams.
Documents
- Detailed ESG policy: coming soon.
- Article 29 Energy-Climate Law report: published after the close of EXERGON VENTURES’ first financial year.
- Statement on principal adverse impacts: see our regulatory information.