Connecticut Fund Offers $9 Million in Venture Capital for Clean Tech Companies

December 01, 2008

Connecticut Innovations (CI) announced November 24 that it will administer a new $9 million fund, called the Connecticut Clean Tech Fund, which will be invested in early-stage technology companies that focus on conserving energy and resources, protecting the environment, or eliminating harmful waste. CI is the state's quasi-public authority that invests in technology and innovation development.

"We want to position Connecticut as the preferred location to grow clean tech jobs," said Governor M. Jodi Rell. "The fund will help Connecticut entrepreneurs to develop cutting-edge solutions to address climate change and other global challenges. Their innovations in renewable energy, energy efficiency, environmental remediation, and other vital clean tech areas will create jobs in clean energy and related areas."

The Connecticut Clean Tech Fund was formed through a partnership between CI, the Department of Economic and Community Development (DECD) and the Connecticut Clean Energy Fund (CCEF). CI and DECD have each made an initial commitment of $3 million to launch the fund. CCEF has pledged an additional $3 million for investments into companies that meet its criteria.

In addition to Connecticut companies that meet the fund's eligibility requirements, out-of-state businesses may qualify. Examples of the technologies eligible for funding include:

  • Renewable energy generation technologies (such as solar PV, wind, low impact hydro, biomass and fuel cell technologies)
  • Energy efficiency technologies (such as solar thermal, geothermal, high efficiency lighting, advanced motor, energy storage, electric grid and load management technologies)
  • Environmental remediation technologies (such as emissions control, microbial and algal water clean up and hazardous waste remediation technologies)
  • Clean water technologies
  • Renewable fuel technologies

CI may also decide that other technologies are eligible.

CI was created by the Connecticut legislature in 1989 and has invested in more than 100 emerging companies to help them research, develop, and market new products and services. CI says these investments have brought the State of Connecticut more than $510 million in gross state profit.

For more information, see the CI November 24 press release and the CI Web site.

To read more about renewable energy and energy efficiency projects in Connecticut, see: