Chrysalix Energy Venture Capital says it has seen about a 75% increase in the value of its third fund since the fund kicked off four years ago. The Vancouver VC offered the assessment in an end-of-year press release that said it completed 18 follow-on portfolio company financings during 2012. It also made a new investment in the wastewater treatment company Axine Water Technologies. Chrysalix Energy III is a $123 million early stage fund with a first close in 2008, according to Thomson Reuters, publisher of this blog. The firm offered no additional detail on the fund’s performance.
Chrysalix EVC’s Year in Review & 2013 Outlook: Further Commitment to Clean Energy Investments While Others Retreat
Solving Energy & Environmental Pain Points for Industry is Top Focus for Firm
VANCOUVER, BC, December 17, 2012 – Today, Chrysalix Energy Venture Capital (“Chrysalix EVC”), the world’s most active cleantech venture capital firm and a member of the Chrysalix Global Network (CGN), released a summary of its 2012 investment activities and its 2013 outlook.
During a challenging year for the cleantech investment industry on the whole with average deal count, deal size, M&A activity, and IPOs on the decline, Chrysalix EVC continued its commitment to early-stage, game-changing clean energy innovations including:
- 18 follow-on investment rounds in more than half of its portfolio companies spanning three funds,
- A new investment in breakthrough wastewater treatment technology company, Axine Water Technologies.
- An approximate 75% increased value in its latest fund, CELP III (since inception),
- Completed “Deep Dives” in unconventional oil and gas, waste heat and power, and wastewater.
Chrysalix EVC’s 2012 follow-on investments in the likes of GlassPoint, GaN Systems, and other existing portfolio companies show a continued focus on non-PV solar, energy-efficient semiconductors, Smart Grid/energy storage, and advanced materials, and a renewed interest in water with the seed-stage investment in Axine who stands to transform wastewater treatment for oil and gas and other heavy industries.
“As one of the longest-standing ‘pure-play’ cleantech VCs, we can definitely acknowledge that this year in cleantech was a difficult one for a variety of reasons. However, while other investors declared cleantech ‘dead’ and began exiting the space, we’ve proven our continued commitment to finding solutions for the new energy economy,” said Wal van Lierop, President & CEO of Chrysalix EVC. “It’s important to note that cleantech in total still represents only a small portion of the overall energy supply which means there remains an amazing opportunity for the right technologies, especially as global energy demand increases with continued population growth and the consequences of GHG emissions escalate.”
A Look Ahead at 2013
Chrysalix EVC enters the New Year as a member of the Chrysalix Global Network (CGN), a premier alliance of independent, top-tier clean energy venture capital firms – globally linked but locally managed – with the primary goal to better address the global nature of the cleantech industry. Now with affiliated feet on the street in North America, Europe, and Asia, the Firm anticipates the following in 2013 for itself and the cleantech industry:
- Much more of the same in terms of limited cleantech IPOs and a conservative M&A market,
- Less “pure-play” cleantech VCs (and diminishing cleantech focus within others) as many look to other sectors for quicker returns,
- Heavier sector focus on water, energy storage, waste-to-energy, advanced materials, and data intelligence and other I.T. applications,
- Continued maturing of traditional cleantech (i.e. solar, LEDs, and offshore wind) as they become cheaper and more engrained in the mainstream energy provision around the world.
Continues van Lierop, “At Chrysalix EVC specifically, we’ll dig deeper to find cheaper, cleaner, more convenient technologies that solve the biggest energy and environmental-related pain points across key industries, and we’ll continue to work as a natural extension of large companies’ in-house R&D and venture teams as we do this. We’ll have a heavier emphasis on finding groundbreaking solutions for some of the most resource-intensive industries and continue to look for solutions to some of the biggest hurdles in the commercialization and success of clean technologies such as first project financing. If 2012 was one step back for cleantech, we think 2013 will be two steps forward.”
About Chrysalix Energy Venture Capital
Chrysalix EVC is a venture capital firm investing in technologies that will drive the new energy economy. The Firm provides early-stage financing, hands-on assistance, and strategic connections to innovative companies confronting the world’s most important energy and environmental issues. For the past two years, the Firm has ranked the most active clean energy technology venture capital firm in the world and today, is a member of the Chrysalix Global Network (CGN). The Chrysalix EVC team has an exceptional track record in this emerging industry. Collectively, it has over 120 years of experience in the energy industry and over 120 years in the venture capital business. The Firm is backed by a strong group of international blue-chip industrial and financial Limited Partners, and is headquartered in Vancouver, British Columbia, with a supporting office in Calgary, Alberta. For more information, please visit www.chrysalixevc.com.