California Launches $30 Million Clean Energy Investment Fund
March 23, 2005
The bankruptcy of California's Pacific Gas and Electric Company in 2001 was bad news for the electric utility industry, but the utility's return to solvency last year has an unexpected benefit for clean energy technologies: As part of its bankruptcy settlement, the utility provided $30 million to create a new investment fund, the California Clean Energy Fund (CalCEF). CalCEF announced on March 14th that three leading venture capital firms will make equity investments in clean energy companies on its behalf, with each firm investing $8.5 million in companies involved in renewable energy, energy efficiency, energy storage, and enabling technologies and services. CalCEF intends to make profitable investments that generate economic growth while reducing California's dependence on fossil fuels. Any profits from the investments will be reinvested in CalCEF. See the CalCEF press release.