Energy utility E.ON, South Korean conglomerate SK Group and US bank Citi have backed as limited partners a $160m clean technology fund run by the Westly Group.
The vehicle, which began fundraising in 2010, will invest in high growth and early stage companies and initially targeted $175m.
Westly’s previous fund backed companies including Tesla Motors, the manufacturer of electric cars, synthetic biology company Amyris and the China Recycling Energy Corporation, all of which were since listed on the Nasdaq Stock Exchange. Other investments SCL Elements, which develops systems for smart buildings, and energy management specialist Eka Systems, were exited through trade sales to Schneider Electric and Cooper Industries, respectively.