Climate Changed
Utilities Pooling Cash for $130 Million Clean Technology Fund
- The Westly Group raises money from Duke Energy, Innogy
- Fund will invest in smart energy, buildings and car startups
This article is for subscribers only.
Utility giants including Innogy SE and Duke Energy Corp. are among the anchor investors in a new $130 million fund raised by Silicon Valley venture capital firm the Westly Group.
Other investors include energy companies CLP Holdings Ltd., American Electric Power Co., Chubu Electric Power Co. and tire-maker Bridgestone Corp., said Steve Westly, founder and managing partner of the Westly Group. The fund will invest $3 million to $5 million in startups working on clean technology innovations in energy, buildings and transportation, he said.