Greener Capital Completes First Close

BERKELEY, Calif. and SCOTTSDALE, Ariz., Oct. 5, 2011 /PRNewswire/ -- Greener Capital, a venture capital firm focused on breakthrough solutions in clean technology, has successfully completed its first closing for Greener Capital Partners II.  Thomas Cain, a managing partner of Greener Capital, also opened the first in-resident venture capital office at SkySong, the ASU Scottsdale innovation center.

Founded in 2009, Greener Capital is led by partners Thomas Cain, Charles Finnie and Michael Katz. Arizona Technology Enterprises (AzTE), the IP management and technology transfer company for Arizona State University, is a limited partner in Greener Capital Partners II.

"The success of our first fund has fueled tremendous interest in – and a fast close for – the Greener II fund," said Finnie. "Our new relationship with AzTE is a natural fit, because we focus on early-stage entrepreneurs who offer unconventional, even radical solutions to major problems in the production and management of energy. Arizona State University has a wealth of research taking place to address breakthrough solutions to our energy needs."

"We invest in capital-efficient businesses that can be cost competitive with traditional energy providers, without government subsidies. Since most investment capital is chasing later stage investments, we are able to invest at compelling valuations in earlier stage entrepreneurs."

ASU's nearly $350 million in annual research expenditures frequently involve clean technologies such as its LightWorks program.  AzTE's investment represents its first participation in a fund specializing in clean technology.  

"There is a clear synergy between Greener Capital and AzTE," said Charlie Lewis, AzTE's vice president of Venture Development. "We will be able to work together to identify fundable companies for our innovations, helping to grow the Arizona clean tech sector, and over the long term stimulating jobs and economic growth."

Lewis notes that more than $7 billion was invested in clean energy technology in the United States last year, with half of that in neighboring California.  

"This investment facilitates our active membership in the clean tech community," said Lewis.

About Greener Capital:

Mr. Cain is one of the earliest clean tech venture capitalists. He co-founded SAIL Venture Partners in 2002, and subsequently co-managed two high-return funds of approximately $150M. Prior to joining SAIL, Cain led the turnaround of a Texas-based oil and gas business. Prior to entering the energy industry, Cain had a long and successful career as an IT innovator, entrepreneur, and CEO.

Mr. Finnie was previously a General Partner at Crosslink Capital, a venture capital firm with over $2 billion under management. His investment activities at Crosslink focused on software, Internet, and clean energy technology companies, both public and private. Prior to Crosslink Capital, Finnie was a General Partner and Senior Research Analyst at Volpe Welty & Company, a San Francisco-based investment bank. He led the firm's Internet practice, successfully completing over 50 IPOs and other liquidity events. He began his clean energy career at the Solar Energy Industry Association in 1985.  

Mr. Katz is a serial entrepreneur with ample investment and operational experience in a wide range of industries. Most recently, he co-invested and was CEO of clean-tech innovator Oryxe Energy International, where he led a turnaround and successful exit. Mr. Katz was the founder and CEO of Walstone Realty Group, with investments across Mexico and Central America. He is a frequent speaker at Latin American investment conferences. For more information, visit http://www.greenercap.com   

About Arizona Technology Enterprises:

Arizona Technology Enterprises (AzTE) is the exclusive intellectual property management and technology transfer organization for Arizona State University.  It works with faculty, investors and industry partners to speed the flow of innovation from research laboratory to the marketplace. AzTE was established in 2003 as an Arizona Limited Liability company with the ASU Foundation as its sole member. For more information, visit http://www.azte.com

CONTACT:
Gregory Pettit
(917) 450-6267
[email protected]

Charlie Lewis
(602) 820-5345
[email protected]

SOURCE Greener Capital

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