Magnetar Venture PvT, the India-focused clean-tech venture capital fund, is planning to launch a US$100m clean-tech fund targeted at clean technologies by March 2012. According to reports circulating today, the fund has been registered with the Securities and Exchange Board of India.
In an interview with Reuters in India earlier today, Reji Kumar Pillai, general partner at Magnetar Venture, said the fund is planning to raise $20m in he first phase. He also indicated that the aim is to attract state-run firms in India as key investors.
Pillai, who was formerly vice-president of the energy and utilities industry at IBM’s India/South Asia unit, is currently president of the India Smart Grid Forum.
Magnetar itself says the aim is to nurture innovation in clean-tech for sustainable development.
It says it is seeking to invest in teams with "breakthrough technologies" in clean-tech domains that can significantly reduce carbon emissions.
Focus areas of the clean-tech venture capital fund include: 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 optimisation.