The California Clean Energy Fund (CalCEF), a $30-million public benefit investment fund created via the PG&E bankruptcy settlement to spur investment and innovation in California’s clean energy economy, announced a summary of its Fund 1 Portfolio.
The CalCEF Fund l portfolio is co-managed by three investment managers who, together, bring more than $5 billion in market power: Nth Power, DFJ Element, and VantagePoint Venture Partners.
The California Energy Action Plan establishes a loading order to guide the state in meeting future energy needs:
- Energy efficiency
- Renewable energy
- Clean fossil-fired DG
- Clean large-scale generation
- Clean transportation
California’s clean transportation agenda includes the following components:
- A revitalized Zero Emissions Vehicle program, including advanced electric-drive technologies;
- A new biofuels initiative; and
- Investments in fuel-cell technologies.
The positions in Tesla and Imperium represent the fund’s first investments for the transportation agenda.
Other Fund 1 investments include:
Energy Efficiency and Demand Response
- SpectraSensors, Inc. Manufactures sensors that track and control harmful emissions, including carbon dioxide;
- Miartech. Designs advanced communications components for remote energy management and efficiency, including smart utility meters;
- Synapsense. Provides software applications for wireless sensor networks that enable optimal efficient energy usage in homes and businesses.
Distribution and Central-Station Renewables
- Superprotonic. Develops technologies to improve the real-world performance of hydrogen fuel cells;
- Fat Spaniel. Provides assessment and control systems software to improve the performance of distributed generation, such as solar photovoltaics;
- Solarcentury. Provides building-integrated solar photovoltaic solutions, enabling easier installation and improving aesthetics.
Clean Fossil Distributed Generation
- Advanced Battery Company (Official Name Not Released). Develops high-power lithium ion batteries.
Clean Central-Station Fossil Generation
- CoalTek. Converts low rank, mine-run coals into high-rank, clean coal alternative fuels, increasing efficiency in burning and potentially contributing to carbon sequestration.