CalCEF Holds First Close

The CalCEF Angel Fund has held a first close on its debut fund, which will focus on seed-stage and early-stage cleantech opportunities. No dollar amounts were disclosed.

PRESS RELEASE

The CalCEF Clean Energy Angel Fund I, LP (the CalCEF Angel Fund), announced today that it has completed an initial close on investment commitments. A first-in-kind fund dedicated to making market-based returns on seed- and early-stage clean energy company investments, the CalCEF Angel Fund secured investments from a wide range of limited partners including institutional and individual investors. The California Clean Energy Fund (CalCEF) is the founding limited partner in the Angel Fund. The Angel Fund furthers CalCEF's strategy to fill the funding gap for promising early-stage clean energy companies. Companies are invited to apply at the CalCEF Angel Fund Web site at www.calcefangelfund.com.

Funding clean energy companies has become one of the fastest growing investment opportunities. Yet despite significant environmental policy leadership in California and a recent influx of private investment capital aimed at clean energy companies, angel funding continues to lag, creating a gap in the commercialization of new, potentially transformational clean energy technologies. In 2007, U.S. venture capital funding at the seed stage dropped to just under 4 percent of total investments (includes all industry sectors).

The funding gap for seed and startup companies was a driving force behind the establishment of the CalCEF Angel Fund. By supporting innovation in its earliest form, we have a chance to foster the clean energy solutions of the future, said Susan Preston, General Partner for the Angel Fund and internationally recognized angel financing expert. Angels principally invest at an early-stage, placing a smaller amount of funds with young companies, thus partially filling the funding gap between initial founder money and later stage venture capital investments.

The CalCEF Angel Fund will begin evaluating potential investment opportunities representing a wide range of clean energy technologies. While there are no geographic restrictions on investments, many are expected to be made in California, which provides a wealth of investment opportunities and leads the nation in clean energy private equity investing.

We are pleased with Susan's effectiveness in raising the fund, and I personally look forward to working with Susan through the Angel Fund's Investment Committee, said Tom Jacoby, CEO of Tymphany and a member of the CalCEF board of directors.

For information on the CalCEF Angel Fund, contact Susan Preston at 206-849-7244 or susan.preston@calcefangelfund.com. To apply, go to www.calcefangelfund.com.

About the CalCEF Clean Energy Angel Fund

The CalCEF Clean Energy Angel Fund is a first-in-kind fund dedicated to making market-based returns on seed-and early-stage clean energy companies. CalCEF targets companies focusing on renewable energy, energy efficiency, energy storage and other products and services designed to enhance the clean energy sector. For more information, go to www.calcefangelfund.com.