Final $220m closing for clean tech fund
A venture capital fund investing growth capital in companies focusing on clean technologies and services has completed the final closing of its first fund. Funds raised in ETF - Environmental Technologies Fund - exceeded the original target size and stand at £110m (approx. $220m).
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In addition to the first close investors previously reported, including Swiss Re and the European Investment Fund (EIF), ETF received commitments from Robeco, the Co-operative Insurance Society and F&C together with other leading European pension funds and financial institutions.
ETF invests in outstanding growth companies operating in areas comprising a broad definition of clean technologies and services. Sectors include energy storage & conservation, emissions reduction, renewable energy, water, ‘smart building’ technologies, applied materials and recycling. It invests on a pan-European basis.
Peter Horsburgh, one of the three founding partners, said of the final closing, “As a first time fund, we are extremely pleased to have exceeded our target size and to have attracted the support of so many leading, blue-chip financial institutions.”
David Walker, deputy head of equity fund investments at EIF, said, “The EIF is very excited to be part of the creation of a new, sizeable, pan-European venture capital fund focused on the increasingly important cleantech area.”
The three founding partners of ETF are Henrik Olsén, Peter Horsburgh and Patrick Sheehan; the chairman is David Quysner who is also chairman of Abingworth.
ETF invests on a pan-European basis with emphasis on the UK, the Nordic countries, Germany, Benelux and Switzerland. It defines the clean technology and services sector as ‘technologies and services that bring substantial improvements in productivity and profitability, creating more economic value with the use of less energy, less materials, and with less waste; and which in the process are environmentally beneficial’.
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© Chilli Publishing Ltd 2008 |
5 MAR 2008 |
