Ascent Funds is a venture investment platform based in Wilmington, focusing on accelerating the energy transition through funding of advanced clean energy and AI-enabled solutions. The firm seeks partnerships with companies that aim to reduce reliance on fossil fuels and drive sustainable growth. Led by Mark Gordon and David Wu of its hydrogen fund, Ascent Funds targets development across technologies that offer lower carbon footprints and improved resource efficiency.
Its strategy targets renewable power generation, hydrogen production and distribution, and next-generation clean technology. The firm operates a dedicated hydrogen fund that supports projects from green hydrogen manufacturing to mobility applications. Alongside clean energy, Ascent Funds also explores use cases for artificial intelligence in energy operations, helping portfolio companies optimize performance, forecast demand, and improve asset utilization. This approach reflects a commitment to integrating digital tools with energy infrastructure to achieve greater operational efficiency and environmental benefits.
Ascent Funds has backed several notable ventures in battery and clean technology. In April 2024 it led a $15 million financing round in Raven SR, a company that converts organic and municipal waste into renewable hydrogen and synthetic fuels. In May 2024 it co-led a $40 million round for Forge Nano, whose nanocoating technology extends battery life and accelerates charging. Additional investments include vehicles powered by hydrogen and exploration of natural hydrogen resources, illustrating the firm’s role in supporting solutions that enhance energy storage, reduce emissions, and promote a sustainable energy landscape.
