VANCOUVER, Feb. 15 /CNW/ - Chrysalix Energy, the global venture capital firm focused on early-stage clean energy technologies, announced today that its latest fund has increased to more than U.S.$100 million with an investment by the Oregon Investment Fund, LLC, an affiliate of Credit Suisse, one of the world's leading financial services providers.
Chrysalix CEO Wal van Lierop said this new fund, named Chrysalix Energy Limited Partnership III (CELP III), is on target to reach U.S. $150 million by March 31, 2010.
"Our goal is to work with strategic partners to build the energy giants of tomorrow," said van Lierop. "By building partnerships with international leaders like Credit Suisse, Chrysalix continues to build momentum for clean energy technology venture capital, bridging the gap between industry leaders and entrepreneurs."
"Clean energy technology is becoming an increasingly attractive investment class. The Chrysalix team has built one of the strongest organizations in this still young but rapidly evolving sector, and they became one of the strongest choices as an investment partner for us and our investment program in Oregon," said David Almodovar of Credit Suisse's Customized Fund Investment Group.
Credit Suisse joins a group of blue-chip international energy, industrial, and financial Limited Partners participating in the cutting edge of clean energy technology value creation through Chrysalix funds. Other investors in CELP III are Total Energy Ventures, Kuwait Petroleum Corp., Delta Lloyd Private Equity, European utilities Fortum and Essent, Robeco Clean Tech Private Equity, Sitra and FondAction, while earlier Chrysalix funds also included energy and industrial leaders BASF, Mitsubishi and Shell.
The announcement was made in conjunction with Premier Gordon Campbell's unveiling of the BC Clean Works Initiative.
"British Columbia is growing as a global hub for clean-energy research and investment," said Premier Gordon Campbell. "As the world searches for cleaner ways of producing energy, these kinds of investments help position B.C. to meet that supply and, at the same time, generate new growth and jobs here in our province."
Chrysalix has already made five exciting investments from its CELP III fund. The companies are Brammo Inc., an Oregon-based company producing North America's first production-ready street electric motorcycles; General Fusion Inc., of Vancouver, which is developing a utility-scale fusion engine using a new, patent-pending concept based on recent developments in fusion research called magnetized target fusion (MTF); Plas2Fuel Corporation, an Oregon company developing the world's only technology to convert all streams of waste plastic back to synthetic crude oil; NanoSteel, headquartered in Providence, Rhode Island, producing a new steel stronger than titanium for the cost of normal steel; and Primus Power, a California-based large-scale energy storage company with low cost battery technology, enabling greater penetrations of intermittent renewable energy generation and enhancing the reliability of the electricity grid.
In Canada, Chrysalix has led syndicates raising almost $250 million in total for seven early-stage clean energy technology companies. In North America in total, Chrysalix has invested in 24 startup companies, leading over 70% of these investments. In addition, Chrysalix has invested in another five clean energy technology startup companies in Europe through its affiliated fund Sustainable Energy Technology Ventures.
About Chrysalix Energy
Chrysalix is a venture capital firm investing in technologies that will drive the new energy economy. The firm provides early stage financing, hands on assistance, and strategic connections to innovative companies confronting the world's most important energy and environmental issues. In the past few years, the firm has consistently ranked among the top most active clean energy technology venture capital firms in the world. The Chrysalix team has an exceptional track record in this still young industry. Collectively, it has over 100 years of experience in the energy industry and over 100 years in the venture capital business. The firm is backed by a strong group of blue-chip international industrial and financial Limited Partners, and is headquartered in Vancouver, British Columbia. In total Chrysalix has approximately $300M in assets under management from CELP III and earlier funds. For more information, visit www.chrysalix.com.
SOURCE CHRYSALIX ENERGY VENTURE CAPITAL
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