Investment in energy and clean tech-focused fund brings EnerTech's experience and connections to Alberta
EDMONTON, June 1, 2012 /CNW/ - Alberta Enterprise today announced a US$15 million investment in EnerTech Capital Partners IV. This latest fund from EnerTech Capital invests in early- to growth-stage companies that use innovative technologies to improve the production or consumption of energy. This latest investment leverages Alberta's traditional strength in the energy industry, as well as EnerTech's 15 years of experience in the energy and clean technology sectors.
"EnerTech Capital has strong relationships in Alberta," said Rod Charko, CEO of Alberta Enterprise. "Their experience, expertise and connections will help Alberta's energy and clean-tech entrepreneurs. It will also help Alberta Enterprise build the venture capital environment that these entrepreneurs require to be globally successful."
"Technology is an important part of Alberta's energy future," said Stephen Khan, Minister of Enterprise and Advanced Education. "This investment supports our energy and clean technology entrepreneurs while helping to diversify Alberta's economy."
"Alberta's strengths in both energy and technology are attractive to us as a VC investor," said Wally Hunter, EnerTech's managing director. "We're looking forward to opening our Alberta office in Calgary in 2012, to increase our visibility to local entrepreneurs and startup companies. Having Alberta Enterprise as a major investor in the fund is extremely valuable in helping us build a strong position in the Alberta marketplace".
As of May 1, 2012, Alberta Enterprise has committed $54 million to four investments, including this most recent investment in EnerTech, and previously announced investments in Yaletown Venture Partners, Chrysalix Energy Venture Capital, and iNovia Capital. These investments have fostered a stronger Alberta VC environment, by forging connections to other institutional investors, portfolio companies, and other VC firms. In addition, Alberta entrepreneurs will have access to one expanded and three new VC offices in Alberta (including EnerTech's new Calgary office, scheduled to open later in 2012). These offices provide more "VC feet on the street" to help Alberta's growing technology firms and entrepreneurs.
About Alberta Enterprise: www.alberta-enterprise.ca
Alberta Enterprise promotes the development of Alberta's venture capital industry by investing in Venture Capital funds that finance early stage technology companies. Launched with a $100 million investment from the Government of Alberta, Alberta Enterprise focuses on funds that have a strong commitment to Alberta - including a full-time presence in the province. The organization also supports Alberta's VC ecosystem by connecting investors, entrepreneurs, and experienced technology executives who share our passion for building a bright, innovative Alberta. Visit www.alberta-enterprise.ca for more information.
About EnerTech Capital:
EnerTech Capital, a pioneer of the clean tech space founded in 1996, is a firm focused on mid and growth-stage ventures that use innovative technologies and business models to address the global need for cleaner, cheaper, more efficient energy. EnerTech is located in Philadelphia and Toronto, and will open a new office in Calgary in 2012.
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