Foundation Capital ploughs fresh $250m into cleantech

Expanded clean tech practice expected to continue focus on energy efficiency and smart grid solutions

Fresh from closing its latest $750m venture capital fund, California-based Foundation Capital has this week announced it is to allocate around $250m to expanding its cleantech practice.

The company is now expected to look to expand its cleantech portfolio, continuing its focus on firms in the relatively low profile fields of energy efficiency and intelligence, green building materials and industrial processes, food quality and clean water.

Paul Holland, general partner at Foundation Capital, said that many cleantech firms were now well positioned to accelerate their development.

"The cleantech industry is thriving with experienced technology executives driving new urgency into the market," he observed. "At Foundation, we have taken a keen interest in the 'demand side' of the cleantech equation and are pleased to see the industry embrace investments geared toward energy efficiency."

The company has already secured a number of successes since launching its cleantech practice in 2003, most notably in smart grid technologies where it has invested in Silver Spring Networks and demand response specialist EnerNOC, which undertook one of the cleantech sectors first IPOs in May last year.