Cleantech venture capital firm Chrysalix EVC has provided follow-on funding for over half of the energy technology companies in its portfolio. Companies that received funding include General Fusion, GlassPoint, GaN Systems, and Axine Water Technologies.
Below is the full announcement:
Chrysalix EVC Signals Continued Growth of Cleantech With Follow-On Funding for More Than Half of Its Portfolio of Breakthrough Energy Technology Companies
VANCOUVER, BC – Since February 2013, Chrysalix EVC, one of the longest-standing and most active clean energy venture capital firms, has funded 11 early-stage companies that are actively developing innovative solutions to the economic, energy, and environmental challenges facing many of the world’s largest industries. These investments will directly propel breakthroughs in sustainable energy technologies for oil and gas, electric power and utilities, chemicals and materials, and mining and metals, and illustrate Chrysalix EVC’s commitment to the maturing cleantech sector.
“These exceptional investment opportunities are simultaneously reducing costs, energy intensity, and the environmental impact of large industries in transition while helping to drive the growth of the cleantech sector,” explains Wal van Lierop, Co-Founder and CEO at Chrysalix EVC. “We now increasingly see innovative clean energy technologies maturing and penetrating the core business of large companies where they provide cost effective solutions to address pain points or capture new opportunities.”
The companies that received follow-on investments from Chrysalix EVC include General Fusion, the recognized world leader in Magnetized Target Fusion (MTF) energy technology; GlassPoint, manufacturers of solar steam generators for thermal Enhanced Oil Recovery (EOR) that can reduce both gas consumption and CO2 emissions by up to 80%; GaN Systems, developers of the most complete line of gallium nitride power switching solutions for electronic devices that are significantly smaller, cheaper, and more efficient than what is possible with traditional silicon design approaches; and Axine Water Technologies, developers of a low-cost, chemical-free solution for treating high concentrations of toxic organics, ammonia, and other pollutants in industrial wastewater.
According to Girvan Patterson, CEO of GaN Systems: “The support and guidance we have received from Chrysalix EVC has helped to accelerate the commercialization of our unique Island Technology, which is proving that gallium nitride is now a credible material alternative to silicon for power conversion applications, a nearly $10 billion addressable market.”
Adds Jonathan Rhone, President & CEO of Axine Water Technologies: “Chrysalix EVC continues to prove they are a world-class venture capital firm that delivers substantive value to investee companies and follows through on its commitments. Since leading our 2012 seed round, they’ve opened doors to a vast network of global strategic partners, which is helping to accelerate commercialization.”
Last year, Chrysalix EVC also led a Series A financing in MineSense, developers of an innovative sensor telemetry and ore sorting technology with the potential to cut the costs of mining and mineral processing by up to 25%.
Since being founded in 2001, Chrysalix EVC has identified and invested in some of the most exciting technologies driving the clean energy industry. The firm currently manages three funds with active investments in 19 companies across North America.
About Chrysalix EVC
Chrysalix EVC is one of the longest serving cleantech venture capital firms investing in breakthrough sustainable innovations for energy intensive industries. The firm provides early-stage financing, hands-on assistance, and strategic connections to innovation companies confronting the world’s most important energy and environmental issues. Chrysalix EVC is consistently ranked among the most active cleantech venture capital firms and is a member of the Chrysalix Global Network (CGN), a premier alliance of independent clean energy VC firms with offices in North America (Chrysalix EVC), Europe (Chrysalix SET), and Asia (GRC Chrysalix). Founded in Vancouver, Canada in 2001, Chrysalix EVC has one of the strongest investment teams in cleantech with more than 140 years’ experience in the energy and VC industries, and is backed by more than 20 international blue chip industrial and financial investors. For more information, please visit chrysalixevc.com.