Cleantech Venture Network responds to February 3 announcement of $1.5 billion California "green wave" investment initiative

Firm Sees Announcement as Fueling Growth of Already Fast-Increasing Clean Technology Investing

• ANN ARBOR, Mich., FEBRUARY 5, 2004 – Cleantech Venture Network, a grouping
• of investors managing over $1 billion in cleantech venture assets, today responded to the
• February 3rd announcement by California State Treasurer, Phil Angelides, regarding the
• launch of the State’s “Green Wave” Environmental Investment Initiative. The fourpronged
• initiative calls on the State’s two large public pension funds – the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) – to commit $1.5 billion to investments in cutting-edge clean technologies and environmentally responsible companies.
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• “Pension funds have been minor players in the near quadrupling of cleantech venturing in
• recent years,: this initiative may be the tipping point in bringing them in into this exciting
• space which now represents nearly 8 percent of the venture market,” said Nicholas
• Parker, co-founder and chairman of Cleantech. “Venture investments in clean technology
• companies – from alternative energy to water purification – adds up to more than $2.5
• billion over the past 24 months but the capital requirement is much bigger: capturing the
• environmental, economic and social benefits of these opportunities requires the
• participation of institutional investors such as the major pension funds.”
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• CLEANTECH VENTURE NETWORK RESPONDS TO CALIFORNIA “GREEN
• WAVE” INVESTMENT INITIATIVE – PAGE TWO
• “I’m bullish about the potential for attaining attractive returns in the clean technology
• area,” said John Rockwell, Chairman of Cleantech’s Venture Advisory Board and
• Partner, manging the Palo Alto office of Advent International, one of the world’s largest
• and best known venture capital managers. “I believe now may be the right time in the
• investment cycle for investors to catch the cleantech wave.”
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• About the Cleantech Venture Network
• The Cleantech Venture Network (CLEANTECH) is a grouping of member investors
• managing over $1 billion in cleantech venture assets. The company believes “clean
• technologies” – from solar energy to water purification – are the next and necessary wave of
• venture investing. CLEANTECH introduces promising young companies to investors and
• investors to quality deal-flow. The company has developed a community of money
• managers, business executives, professional advisors, and other stakeholders active in the
• clean technology venture arena. CLEANTECH organizes venture forums, provides deal
• flow, publishes a quarterly venture monitor and offers related services to investors and
• entrepreneurs. CLEANTECH benefits from the expertise and counsel of an advisory board
• comprised of representatives from 13 leading venture capital and service provider firms
• specializing in clean technology. More about the company can be found at
• www.cleantechventure.com or by calling 517-223-9607.