Conn. Commits To Clean Tech Fund

Nov 30 2008 | 7:34pm ET

Connecticut Innovations, the state’s quasi-public authority responsible for technology investing and innovation development, today announced that it will administer a new $9 million Connecticut Clean Tech Fund. The new vehicle will make investments in seed- and early-stage companies focused on innovations that conserve energy and resources, protect the environment or eliminate harmful waste.

“We want to position Connecticut as the preferred location to grow clean tech jobs,” said Governor M. Jodi Rell. “The fund will help Connecticut entrepreneurs to develop cutting-edge solutions to address climate change and other global challenges. Their innovations in renewable energy, energy efficiency, environmental remediation and other vital clean tech areas will create jobs in clean energy and related areas.”

The Connecticut Clean Tech Fund was formed through a partnership between Connecticut Innovations, the Department of Economic and Community Development and the Connecticut Clean Energy Fund. CI and DECD have each made an initial commitment of $3 million to launch the fund. CCEF has pledged an additional $3 million for investments into companies that meet its criteria.

In addition to Connecticut companies that meet the fund’s eligibility requirements, businesses interested in establishing a significant presence in the state now have the opportunity to receive investment capital from the Connecticut Clean Tech Fund. Some of the examples of the technologies eligible for funding include:

  • Renewable Energy Generation Technologies (such as solar PV, wind, low impact hydro, biomass and fuel cell technologies)
  • Energy Efficiency Technologies (such as solar thermal, geothermal, high efficiency lighting, advanced motor, energy storage, electric grid and load management technologies)
  • Environmental Remediation Technologies (such as emissions control, microbial/algal water clean up and hazardous waste remediation technologies)
  • Clean Water Technologies and Renewable Fuel Technologies  

Joan McDonald, commissioner of the Department of Economic and Community Development and chair of Connecticut Innovations, commented, “CI, DECD and CCEF are leveraging significant resources and combining forces to make the launch of this fund possible. Our goal is to expand Connecticut’s leadership in clean technology and related areas.”

“This new source of capital represents the ongoing commitment by CI to support entrepreneurs working on the most pressing challenges we face,” said Peter Longo, president and executive director of CI. “Insightful businesses and innovators should know that Connecticut is ready to support their efforts. We hope entrepreneurs, emerging companies, university tech transfer offices and other interested parties will consider Connecticut the place to grow their clean tech businesses.”


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR