NEW YORK (AP) – Morgan Stanley bought a minority stake in a venture-capital firm that invests in environmentally friendly companies, the investment bank said Tuesday.
The company did not say how big the stake is or how much it paid.
Founded in 2001, NGEN Partners LLC invests in businesses that focus on alternative energy, energy efficiency, pollution abatement and green resources. Founded by Peter Grubstein, the firm has offices in New York and California and owns stakes in companies such as SolFocus, Powerspan, Artificial Muscle and Textronics.
Morgan Stanley claims its investment in NGEN Partners is the first by a Wall Street bank in a clean-technology venture-capital firm.
Jeff Holzschuh, chairman of Morgan’s environmental committee, said the company expects more people to invest in the clean-technology sector because of mushrooming energy costs, constraints on natural resources and a growing acknowledgment of global warming.