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.”

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