The California Clean Energy Fund (CalCEF), announced last week that it has backed 10 clean energy startups in five sectors over the last year.
The startups include energy efficiency and demand response companies SpectraSensors, Miartech and Synapsense; distribution and renewable energy companies Superprotonic, Fat Spaniel and Solarcentury; clean fossil-fuel generation company CoalTek; transportation-related companies Imperium Renewables and Tesla Motors; and an unnamed company developing lithium-ion batteries.
CalCEF is a $30 million public benefit investment fund created to spur investment in California’s clean energy market, and it targets startups that research energy efficiency, renewable energy, energy storage and other products and services in the clean tech sector.
The nonprofit was created following the bankruptcy settlement of Pacific Gas & Electric. Returns are expected tol be reinvested in the fund.
CalCEF does not make the investments itself. Instead, the organization partners with Nth Power, Draper Fisher Jurvetson and VantagePoint Venture Partners, which each invest a portion of the CalCEF fund, matching their own dollars on the deals. CalCEF is also a limited partner in VantagePoint Venture Partners.
In announcing its portfolio last week, CalCEF did not disclose how much each startup received, or the terms of the deals. —Alastair Goldfisher