A total of US$47 million is about to become available for investments to support innovation in clean energy technology. Three prominent energy/clean tech venture capital firms will manage most of the investments of the newly formed California Clean Energy Fund (CalCEF).

CalCEF's investment strategy will focus exclusively on clean energy, including renewables, energy efficiency, energy storage, and enabling technologies and services. Nth Power, Draper Fisher Jurvetson (DFJ AltaTerra) and VantagePoint Venture Partners will each invest $8.5 million of the funds accordingly, and match each dollar with their own funds. CalCEF will participate as a limited partner in VantagePoint Venture Partners, which is not providing matching funds.

The remaining $4.5 million of CalCEF's $30 million fund has been reserved by its board for future program development.

CalCEF is a non-profit public benefit corporation established when Pacific Gas and Electric (PG&E) was required to set aside the money as part of its bankruptcy settlement. PG&E filed for bankruptcy following the financially disastrous California energy crisis. The fund was created to deliver market based financial returns and positive environmental and economic returns. Profits will be reinvested in the Fund.

Draper Fisher Jurvetson is a seed stage and early stage venture capital firm with over $3 billion in capital commitments. DFJ has launched DFJ AltaTerra as an affiliate venture fund focused on the clean technology sector.

Nth Power focuses on high-growth investment opportunities in the energy and utility marketplace. Based in Portland, Oregon, Nth Power has over $250 million under management, with investments in energy intelligence, power reliability, distributed generation and related services.

VantagePoint Venture Partners has five principal areas of technology interest: semiconductors, software and internet, communications and systems, healthcare, and cleantech. VantagePoint has more than $2.8 billion of capital under management.