CalCEF Clean Energy Angel Fund I holds $9m second closing

It held a first closing in February of this year on $6.825m.

Investors into the fund include the PCG Clean Energy & Technology Fund.

To date, the CalCEF Angel Fund has led investments in three companies. The fund has made two investments in intelligent lighting business HID Labs, closing out the company's seed round and leading its subsequent Series A round. Participating investors included American River Ventures, Greenhouse Capital Partners and Big Sky Ventures.

The CalCEF Angel Fund previously led a Series A investment in San Francisco-based biofuel company Allopartis Biotechnologies, and also led an additional investment in an unnamed solar technology start-up.

Susan Preston, general partner, CalCEF Angel Fund, said, 'There is a growing understanding among investors, policy-makers and others that cleantech is primed to be the engine of growth for the next economic cycle. Against the context of the global credit crisis and financial uncertainty, we have an eye on the longer-term investment horizon and fostering the next-generation of business leaders for the new green economy.'

The CalCEF Angel Fund was formed in April 2008. The fund targets investments of up to $500,000 per round, targeting renewable energy, energy efficiency, energy storage and other products and services designed to enhance the clean energy sector.

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