The CalCEF Clean Energy Angel Fund has closed its first fund with just under $11m in committed capital from institutional and individual investors.
The fund was set up as an independent entity in 2008 by the California Clean Energy Fund (CalCEF), a $30m non-profit venture capital fund formed in 2004 to accelerate the development of clean technologies.
Its launch was intended to address a perceived funding gap between initial founder investment and venture capital for early-stage clean energy companies. Investors include the PCG fund of funds and CalCEF itself.
‘Taking the shape of a hybrid fund, our approach is a cross between a direct angel model and venture firm where visibility, collaboration and resource sharing are spread among all partners,’ said Susan Preston, general partner of the CalCEF Angel Fund.
‘This successful close in the midst of a difficult fundraising climate is a testament to the promise of this fund model.’
It is focused on early-stage, capital-efficient clean energy technologies, and provides strategic guidance including market and regulatory intelligence to the four start-ups in its investment portfolio, along with up to $500,000 in capital per round.
The fund’s portfolio companies include Alphabet Energy, a startup commercialising a low-cost waste heat recovery technology developed at the Lawrence Berkeley National Laboratory, and REEL Solar, which has developed a low-cost electro-deposition process for manufacturing solar cells.
The fund was set up as an independent entity in 2008 by the California Clean Energy Fund (CalCEF), a $30m non-profit venture capital fund formed in 2004 to accelerate the development of clean technologies.
Its launch was intended to address a perceived funding gap between initial founder investment and venture capital for early-stage clean energy companies. Investors include the PCG fund of funds and CalCEF itself.
‘Taking the shape of a hybrid fund, our approach is a cross between a direct angel model and venture firm where visibility, collaboration and resource sharing are spread among all partners,’ said Susan Preston, general partner of the CalCEF Angel Fund.
‘This successful close in the midst of a difficult fundraising climate is a testament to the promise of this fund model.’
It is focused on early-stage, capital-efficient clean energy technologies, and provides strategic guidance including market and regulatory intelligence to the four start-ups in its investment portfolio, along with up to $500,000 in capital per round.
The fund’s portfolio companies include Alphabet Energy, a startup commercialising a low-cost waste heat recovery technology developed at the Lawrence Berkeley National Laboratory, and REEL Solar, which has developed a low-cost electro-deposition process for manufacturing solar cells.
