Venture capitalist Foresight has confirmed it is on track to raise £20m for its new green investment fund before the end of the year.
The group said the recently launched Foresight Sustainable UK Investment fund has raised £15m to date and is expected to close at around £20m in December.
The fund will then be used to invest in six to eight early and development stage UK companies focused on sustainable infrastructure sectors such as " renewable energy, waste to energy and recycling".
"The infrastructure sector addresses a huge and as yet largely unmet, consumer demand both for services such as recycling and for renewable energy sources," said Bernard Fairman, managing partner and founder of Foresight. "It is further benefiting from a range of government initiatives designed to support companies seeking to address this need."
He added that the fund's first investment is in O-Gen UK Ltd, a company that aims to generate renewable electricity from waste wood which otherwise would have gone to landfill.
Foresight has committed £3m to the company, which will enable O-Gen to build its first plant in Tunstall, Stoke-on-Trent as well as accelerate development of further sites.
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