The CalCEF Clean Energy Angel Fund I, LP, announced today that it has completed an initial close on investment commitments. Dedicated to making market-based returns on seed- and early-stage clean energy company investments, the CalCEF Angel Fund secured investments from a wide range of limited partners including institutional and individual investors.
The California Clean Energy Fund (CalCEF) is the founding limited partner in the Angel Fund. The Angel Fund furthers CalCEF’s strategy to fill the funding gap for promising early-stage clean energy companies. Companies are invited to apply at the CalCEF Angel Fund Web site at www.calcefangelfund.com.
Funding clean energy companies has become one of the fastest growing investment opportunities. Yet, according to CalCEF despite significant environmental policy leadership in California and a recent influx of private investment capital aimed at clean energy companies, angel funding continues to lag, creating a gap in the commercialization of new, potentially transformational clean energy technologies. In 2007, U.S. venture capital funding at the seed stage dropped to just under 4% of total investments (includes all industry sectors).
"The funding gap for seed and startup companies was a driving force behind the establishment of the CalCEF Angel Fund. By supporting innovation in its earliest form, we have a chance to foster the clean energy solutions of the future," said Susan Preston, General Partner for the Angel Fund.
The CalCEF Angel Fund will begin evaluating potential investment opportunities representing a wide range of clean energy technologies. While there are no geographic restrictions on investments, many are expected to be made in California, which provides a wealth of investment opportunities and leads the nation in clean energy private equity investing.
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