Connecticut Clean Tech Fund Launched

Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, announced that it will administer a new US $9 million “Connecticut Clean Tech Fund” which will make investments in seed- and early-stage companies focused on innovations that conserve energy and resources, protect the environment or eliminate harmful waste.

“We want to position Connecticut as the preferred location to grow clean tech jobs,” said Governor M. Jodi Rell, who announced the fund in November. “The fund will help Connecticut entrepreneurs to develop cutting-edge solutions to address climate change and other global challenges. Their innovations in renewable energy, energy efficiency, environmental remediation and other vital clean tech areas will create jobs in clean energy and related areas.”

The Connecticut Clean Tech Fund was formed through a partnership between Connecticut Innovations (CI), the Department of Economic and Community Development (DECD) and the Connecticut Clean Energy Fund (CCEF). CI and DECD have each made an initial commitment of US $3 million to launch the fund. CCEF has pledged an additional US $3 million for investments into companies that meet its criteria.

Examples of the technologies eligible for funding include:

  • Renewable Energy Generation Technologies
    • Solar PV, wind, low impact hydro, biomass and fuel cell technologies
  • Energy Efficiency Technologies
    • Solar thermal, geothermal, high efficiency lighting, advanced motor, energy storage, electric grid and load management technologies
  • Renewable Fuel Technologies

This announcement comes as the solar market in Connecticut is experiencing what some in the industry are calling a setback. The Connecticut Clean Energy Fund told its member installers that it is no longer accepting applications for the Residential Rebate Program because of a lack of funds. Installers are being told to direct their customers to the state’s Solar Lease program instead.

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