New York-based venture capital firm Braemar Energy Ventures closed its third fund at $300 million on June 19th.
According to the firm, the fund, which was oversubscribed, will make early- to mid-stage investments in energy technology companies that range from conventional oil, and gas, to renewable power and fuels. They will seek investments that help deliver cleaner, cheaper, more efficient and reliable energy solutions.
Energy efficiency continues to be a major theme in the new fund with technology ranging from utility-scale solutions down to managing power and fuel consumption at the device level, said Dennis R. Costello, managing partner of Braemar.
Investors include existing participants in Braemar funds, such as MassMututal, Alpinvest Partners, Morgan Stanley Alternative Investments, Macquarie and the Singaporean government’s GIC Special Investments. New investors include Munich Re, HarbourVest, the State of Rhode Island, Rothschild Investment Trust, and Invesco on behalf of the California State Teachers’ Retirement System.
Braemar’s current portfolio includes energy management firm Enernoc, biofuels technology developers Verenium and Solazyme, and energy storage businesses Solicore and PowerGenix. Its most recent investment was in Coulomb Technologies, a provider of systems for charging electric vehicles.