VANCOUVER, May 11 /CNW/ - Chrysalix Energy, the global venture capital firm focused on early-stage clean energy technologies, announced today that its latest fund has increased to U.S.$123 million with investments by two leading Canadian venture capital investors, including the Business Development Bank of Canada (BDC).
Chrysalix CEO Wal van Lierop said the second new investor to the Company's latest fund, named Chrysalix Energy Limited Partnership III (CELP III), will be disclosed at the end of May 2010 at the request of the investor.
"Chrysalix continues its leadership position in clean energy technology venture capital by working with leading institutions like BDC to bridge the gap between industry leaders and entrepreneurs. Our objective is to provide the capital and management expertise that will help build the clean energy giants of tomorrow," said van Lierop.
Jacques Simoneau, BDC's Executive Vice President, Investments said his institution chose to invest in the CELP III fund because Chrysalix has demonstrated its leadership in the rapidly growing clean energy sector.
"It is imperative that clean energy companies have access to capital and expertise if they are to fulfill their objectives of providing commercial alternatives to fossil fuels and energy waste," said Simoneau. "Judging from Chrysalix's track record of successful investments in this sector, we believe the new CELP III fund can make an important contribution to helping more companies meet their commercial objectives while providing returns for their shareholders."
BDC 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, Kuwaiti Petroleum Corp., Delta Lloyd Private Equity, European utilities Fortum and Essent, Robeco Clean Tech Private Equity, Sitra and Oregon Investment Fund LLC, an affiliate of Credit Suisse.
Chrysalix has already made five investments from its CELP III fund. The companies are Brammo Inc., which produces North America's first electric motorcycles; General Fusion Inc., which is developing a utility-scale fusion engine using a new concept based on recent developments in fusion research called magnetized target fusion (MTF); Plas2Fuel Corporation, which is developing the world's only technology to convert all streams of waste plastic back to synthetic crude oil; NanoSteel, a developer of new steel stronger than titanium for the cost of normal steel; and Primus Power, a 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.
BDC is Canada's business development bank. From more than 100 offices across the country, BDC promotes entrepreneurship by providing financing, venture capital and consulting services to entrepreneurs. BDC Venture Capital has been involved in venture capital since 1975 and is a major venture capital investor in Canada. Active at every stage of the company's development cycle, from seed through expansion, BDC Venture Capital focuses on technology-based businesses that have high growth potential and that are positioned to become dominant players in their markets. To date, it has invested in more than 400 companies with investments totalling over $1.2 billion in the life sciences, telecommunications, information and advanced technology sectors, as well as commitments of $253 million in 19 funds.
SOURCE CHRYSALIX ENERGY VENTURE CAPITAL
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