US-based venture capital firm The Westly Group has raised $130m for its latest fund, with several corporates among the limited partners, Bloomberg has reported.
Duke Energy and Innogy were among the anchor investors, and the limited partners (LPs) included fellow energy utilities CLP Group, American Electric Power and Chubu Electric Power as well as tire manufacturer Bridgestone.
Founded in 2007, Westly focuses on energy, transportation and smart building technology developers, and the latest fund will provide between $3m and $5m per investment, co-founder and managing partner Steve Westly told Bloomberg.
The firm’s past investments include Tesla, the electric carmaker that now has a market capitalisation of more than $50bn, as well as dynamic window producer View, renewable fuels provider Amyris and waste-to-fuels technology developer Enerkem.