Thursday, 25 December 2014
Last updated 19 hours ago
Oct 16 2009 | 12:49pm ET
Silicon Valley venture capitalist (and former gubernatorial candidate) Steve Westly says VC firms should not only invest in cleantech – they should invest in Chinese cleantech.
Westly made the comments this week during a cleantech conference sponsored by the Silicon Valley law firm Cooley Godward.
“No VC firm should be without a China strategy,” he told several hundred conference participants. “China will pass the U.S. in 20 years as the largest economy in the world. There are only two countries that matter – the U.S. and China. They create 40% of the world’s pollution, and the other 191 countries divvy up the rest….I go to China every 90 days – China knows the big health issues they’re facing.”
China has imposed more stringent fuel efficiency standards than the U.S. (42MPG compared to 39MPG, offers a bigger solar and wind energy investment tax credit (50% against 30%), and is calling for 20% of its energy to be produced from renewable sources by 2020.
The Westly Group is currently looking for Chinese companies in which to invest its new $120 million fund, which invests in B or C rounds and expects to see a return within two to four years.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.