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Australian news, and some related international items

Clean Energy Seed Fund raises $26m – a “vote of confidence” in sector 

REneweconomy, By Sophie Vorrath on 24 May 2017 The Clean Energy Seed Fund established just under a year ago as the first investment of the Coalition government’s re-badged Clean Energy Innovation Fund, has this week completed a $26 million capital raising, easily surpassing its $20 million target.

The fund’s manager, Artesian Venture Partners, said on Wednesday that the bumper capital raising included $10 million commitments from cornerstone investor the Clean Energy Finance Corporation (CEFC) and Australian Ethical Investment, and further investments from Hostplus and Future Super.

Launched in September 2016 with a $10 million cornerstone commitment from the $1 billion CEIF, the fund was set up to focus on clean energy sub-sectors including the internet of things, battery storage, biofuels and metering and control.

It aims to provide “pull-model” venture capital support to encourage greater investment and participation in the early-stage cleantech sector and co-investment from a wide range of investors, including high net worth individuals, angel investors, venture capital firms, corporates and institutions.

In the short-term, its goal is to invest at seed, angel and later stage follow-on rounds in 30-50 startups over a four-year investment period.

The fund also draws on the finance and skills of both the CEFC and the Australian Renewable Energy Agency (ARENA), the latter of which was, at the time of the fund’s establishment, facing steep budget cuts.

CEFC investment development director, Blair Pritchard said the $26 million of funds raised would be enough to see more dedicated clean energy accelerators popping up around the country….. http://reneweconomy.com.au/clean-energy-seed-fund-raises-26m-vote-confidence-sector-96236/

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May 26, 2017 - Posted by | AUSTRALIA - NATIONAL, business, energy

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