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

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this race. The Citadel...

Guest Contributor

Top 5 Predicted Outcomes Of CalPERS' Hedge Fund Divestment

Sep 22 2014 | 8:35am ET

CalPERS’ announcement to divest of hedge funds has created a significant buzz...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.