New CalCEF $30 Million Fund for California's Clean Energy Industry
: "CalCEF's investment strategy will focus exclusively on clean energy, including renewables, energy efficiency, energy storage, and enabling technologies and services. Under the terms of the agreements, the venture capital firms will make equity investments in clean energy companies on behalf of CalCEF. .. CalCEF has allocated $8.5 million to each of the three funds for a total of $25.5 million. Nth Power and Draper Fisher Jurvetson (DFJ) will each directly manage an investment portfolio totaling $8.5 million, with Draper Fisher Jurvetson's allocation to be managed through DFJ AltaTerra, a DFJ affiliate fund launched to make investments in the clean technology sector. These managers will also match each dollar invested on behalf of CalCEF with its own investments in order to maximize market impact. CalCEF will also participate as a limited partner in VantagePoint Venture Partners. The remaining $4.5 million has been reserved by the CalCEF Board for future program development.
Nth Power estimates that venture capitalists invested approximately $500 million in US-based energy-tech companies in 2004, representing well over 2% of all VC investing. "
More from SF Chronicle: "Although PG&E provided the clean energy fund's seed money, it no longer has any control over the fund, Bicker said. The $30 million, which will be distributed over five years, is drawn from the utility's shareholder money and not from utility bills, she said. PG&E did, however, pick three of the fund's board members, while the California Public Utilities Commission picked another three. That initial group of six then chose the board's last three members. The resulting board mixes financiers with academics and government regulators. Michael Peevey, the PUC president, serves as the board chairman." 10:38:42 AM