Antinuclear

Australia’s largest renewable energy fund kicks off

$200 million in seed money will kick-start the fund, half coming from the Australian government and half coming from Softbank China Venture Capital.

The money comes from the Australian Renewable Energy Agency, which is funded at $3.2 billion a year.

Australia Seeds Largest Renewable Energy Fund, Flagship Raises VC Fund SustainableBusiness.com News, 12 Jan 12,  In a difficult environment for fundraising, especially for funds that invest in early stage companies, venture capital firm Flagship Ventures closed its fourth fund, a $270 million fund.

Flagship says they exceeded their target of $250 million for the fund, which will invest in healthcare and cleantech/ sustainability. Investors in Flagship Ventures Fund IV include pension funds, foundations, fund-of-funds, corporations and individuals. Its previous fund, launched in 2007, was $235 million, which invested in 24 companies.

With the closing of the new fund, Flagship has about $900 million of
early-stage capital under management in a portfolio of 65 companies.
25 of those companies emanated from its in-house venture creation
group, VentureLabs.

Most of the portfolio companies are in healthcare. Some of the
cleantech companies we spotted are: Joule (pioneering the production
of liquid fuel from the sun); Novomer (bioplastics); zegen
(gasification technology that converts ordinary waste streams into
energy); Mascoma (biomass to biofuels); LS9 (clean
fuels, green chemicals using synthetic biology) and Oasys Water
(energy and resource recovery products to address the growing, global
water crisis).

Australia’s government selected Southern Cross Venture Partners to run
its biggest renewable energy venture capital fund.

$200 million in seed money will kick-start the fund, half coming from
the Australian government and half coming from Softbank China Venture
Capital.

The money comes from the Australian Renewable Energy Agency, which is
funded at $3.2 billion a year.

Website: www.flagshipventures.com
http://www.sustainablebusiness.com/index.cfm/go/news.display/id/23303

January 12, 2012 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL, energy