The CalCEF Clean Energy Angel Fund I, LP (CalCEF Angel Fund) announced in April that it completed an initial close on investment commitments and welcomes companies to apply for funding.
The CalCEF Angel Fund secured investments from a variety of limited partners including institutional and individual investors. The California Clean Energy Fund (CalCEF), a separate organization established in 2004, is the founding limited partner in the CalCEF Angel Fund.
The CalCEF Angel Fund will finance the seed / startup stage of companies in clean energy sectors including energy efficiency, green buildings, power reliability, and alternative energy. The CalCEF Angel Fund expects its typical investment to be $300,000 – $500,000 and is planning to build a portfolio of 12 – 15 companies.
According to Susan Preston, General Partner for the CalCEF Angel Fund, "The funding gap for seed and startup companies was a driving force behind the establishment of the CalCEF Angel Fund. By supporting innovation in its earliest form, we have a chance to foster the clean energy solutions of the future."
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