Summary of presentation at Cleantech Fund Manager Platform, March 2012
I2BF Global Ventures was represented on the Cleantech Fund Manager Platform by David Waserstein. I2BF Global Ventures, which has teams in New York, Moscow, London and Dubai, was established in 2005. Its venture capital division manages over US$160m in clean technology venture capital across several funds.
The I2BF Venture Fund II, which commenced investing in 2011, invests in a diversified portfolio of early stage companies which are developing and commercialising technologies in renewable energy and clean technology. It has made four investments to date: Acal Energy (a fuel cell technology company, in which the fund has invested £1m); Primus Power (a storage company which has received investment of US$4m); GMZ Energy (also involved in thermoelectric materials, which has received investment of US$4.5m) and Seren Photonics (a LED processing company with investment of £1.1m).
I2BF’s investment focus is on exciting technologies which can lead the path to a “Brighter Future”. Areas of focus for the group include:
- Water Treatment: produced industrial water treatment (including oil water); optimisation of municipal water treatment; water desalination and re-use.
- Energy Efficiency: smart grid technologies and software; energy efficient lighting, e-Glass.
- Power Storage: advanced lithium technology; utility scale storage; metal-air and other next generation technologies.
- Biofuels & Biomass: cellulosic ethanol; second generation feedstock technologies; advanced green chemical processing.
- Wind: new materials; innovative design and cost efficiency; distributed generation.
- Solar: next generation technologies (thin film silicon, advanced deposition), second-order cost drivers
- Advanced materials.
I2BF believe it is an opportune time to invest in clean technology, due to changing dynamics within traditional energy markets. It considers that investment behaviour in energy markets is being driven by energy security needs as well as volatile oil prices and sees continued public support for alternative energy sources after Fukushima and the Deepwater Horizon spill. The firm sees a growing disconnect in global energy markets as a driver for investment: there is growing demand (due to population growth in South-East Asia; rapid urbanization; life style change, etc.) but unstable supply – and cheap and abundant alternative fuels still have not been developed according to I2BF and the company’s investment philosophy is based around the belief that technological innovation is required for sustainable growth. It sees technology as having been among the key drivers of the renewable energy industry and believes that it will remain so for the foreseeable future – that the potential for innovation is still huge.
I2BF’s investment philosophy is to invest in companies where the underlying economics are self-sustaining. Its focus is on innovative technologies that drive the cost of alternative fuels and electrical generation, distribution, and consumption ever lower without inconveniencing the users. And it is looking for ways to change the way the world uses its resources so as to maintain a healthy stock of supply – including water, agriculture, and other ingredients necessary for a high standard of living.
I2BF invests jointly with leading strategic and financial investors including Khosla Ventures, Goldman Sachs, Hyundai, Valero, Kleiner Perkins Caufield & Byers and New Enterprise Associates.
I2BF's case studies were:
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