Magnetar Venture To Launch $100 Mn Clean Tech Fund

Magnetar Venture Private Limited is planning to launch $100 Mn fund focused on clean technologies by March this year.

The fund is registered with regulator SEBI and plans to raise $20Mn in its first phase, said Reji Kumar Pillai, general partner of Magnetar Venture.

Magnetar hopes to rope in state-run firms working in the field or their units as key investors.

The focus areas of fund's investment are renewable energy, energy storage technologies, advanced fuels, energy efficiency, smart grids, smarter appliances, electric and hybrid vehicles, water and waste management, next generation ICT and mobility solutions, surface transportation systems, logistics and supply chain optimization.

Recently, Federation of Indian Chambers of Commerce and Industry (FICCI) along with civilian foreign aid agency of the US federal government, USAID has launched $15 Mn (R78Cr)venture capital fund - Millennium Innovation Fund. The fund will support, sustain and scale up grand local ideas and innovations that can also be commercialised for India and other emerging markets.

Recently, Mytrah Energy India Ltd has raised R100Cr – mezzanine funding from PTC India Financial Services Ltd; Clearwater Capital Partners invests $10 million (Rs.49 crore) in Hydroair Tectonics (PCD) Ltd, a Mumbai-based water and solid waste water management; while SBI Macquarie has invested Rs125Cr in Soham Renewable Energy Private Limited.

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