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CLEAN ENERGY FUND CLOSES FIRST DEAL



(ROCKY HILL, Conn., March 7, 2000) — The Connecticut Clean Energy Fund (CEF), a new venture fund managed by Connecticut Innovations, Inc., announced today it has completed its first transaction, a $500,000 investment in the Connecticut Energy Cooperative, Inc.

The funding is to be used to help the cooperative sell power produced by clean and renewable sources, such as wind, solar, fuel cells and biomass conversion.

The Connecticut Energy Cooperative is an electricity aggregator licensed by the Connecticut Department of Public Utility Control. The cooperative focuses on helping residential consumers and small businesses save money on energy costs in the deregulated market.

Individuals and businesses that join the cooperative can obtain discounts on a range of energy products and services, including electricity, fuel oil, propane, energy-efficiency services and telecommunications services. The cooperative emphasizes energy conservation and environmentally friendly power such as that obtained from non-polluting and renewable sources.

Commenting on the investment, CEF Managing Director John Anderson said, “The Connecticut Energy Cooperative will make clean energy a viable, affordable and effective alternative for residential customers and others who have not been the focus of large suppliers.”

Larry Union, CEO and general manager of the Connecticut Energy Cooperative, says the CEF funding will help support its grassroots green-power marketing efforts. This spring, the cooperative will begin offering members the opportunity to purchase power from suppliers certified by Green-e, an independent clean-energy certification agency.

“Through the aggregation of tens of thousands of households and businesses in Connecticut, we can offer our members a very good social, economic and environmental choice,” Union says. “Connecticut Innovations is an important part of our success by funding what we’re trying to do. Receiving this funding gives us the legitimacy we need to negotiate for the power supply.”

The Connecticut Clean Energy Fund is a capital investment fund dedicated to promoting the use of clean power in Connecticut. CEF makes early stage capital investments in projects that either produce clean energy or build consumer demand for it, and makes venture capital investments in companies that are building clean energy products. CEF also offers co-funding opportunities for those seeking to invest in clean-energy enterprises.

The Connecticut General Assembly created CEF in 1998 as part of legislation restructuring electric utilities. Money to capitalize the fund comes from a small surcharge on electric utility bills. The Clean Energy Fund began formal operations in January 2000. Connecticut Innovations, which manages the fund, is the state’s leading investor in high technology.

Contact:
Charles Moret
Managing Director, Investments
Connecticut Clean Energy Fund
(860) 563-0015


Administered by
Connecticut Innovations
.
© 2002 Connecticut Clean Energy Fund