Energy Fund Nears Final Close

Chrysalix Energy Management held a second close on its new fund, Chrysalix Energy II U.S. Limited Partnership.

The Canadian energy investor did not disclose how much capital it raised for the close, and the fund has had a broad target of between $60 million and $100 million. But Wal van Lierop, president of the firm, said that fund II is now larger than the first fund.

The firm’s first fund, Chrysalix Energy Fund I, closed in 2001 with $32 million in commitments. LPs in the first fund included Ballard Power Systems, BASF Venture Capital, BOC, Boeing, Mitsubishi and Shell Hydrogen.

A new investor in fund II is Delta Lloyd, the large European-based financial services company. Other LPs in fund II, announced at the first closing of the fund in February 2005, include WestAM, Robeco, Teachers Private Capital, The Mitsubishi Corp., BASF Venture Capital and Shell Hydrogen LLC.

Chrysalix Energy focuses on early stage deals in fuel cell, hydrogen and other energy-related investments. While all of its investments so far have been in North American-based companies, the firm is also sourcing deals in China, Israel and Western Europe.

“We expect clean energy technologies to become very important in the future,” says Steven van de Wall, a spokesman with Delta Lloyd.