Chrysalix helps raise more than USD$50 Million for breakthrough energy technologies
May 27, 2015
Signifies strong growth for early stage investments in sustainable innovation and alternative energy
VANCOUVER, BC – Chrysalix Energy Venture Capital, one of the longest-standing and most active sustainable innovation and alternative energy venture capital firms, announces more than USD$50 Million in follow on financings for three of its portfolio companies in the first half of 2015, including General Fusion, GaN Systems and Enbala Power Networks. Each of these companies is developing game changing industrial innovations that will bring sustainability and cost reduction to resource based industries. The growing global demand for solutions like these is evidenced by the participation of existing investors from across North America, as well as the addition of new investors from world energy markets including China and Malaysia.
Chrysalix cross-industry portfolio includes sustainable innovations for some of the world’s largest industries, including oil and gas, mining, electric power and utilities, chemicals and materials, and automation and manufacturing. The innovations being developed by companies like General Fusion, GaN Systems and Enbala have the potential to provide superior economics for these multi-trillion dollar industries, while simultaneously improving the energy intensity of products and production processes, and the environmental footprint.
“We are at the cusp of an enormous acceleration for sustainable innovation and 2015 is proving to be a pivotal year for many of our portfolio companies,” explains Wal van Lierop, Chrysalix President and CEO. “There is significant potential for breakthrough innovation within large industries in transition to provide new efficiencies and a much needed social license. With many of these innovations being developed in the Chrysalix portfolio, we see that several of our companies will play a central role in the new energy industry, as we transition to cleaner solutions on our way to a low carbon society.”
General Fusion raised USD$22 Million, putting the company in its strongest financial position since its founding in 2002. The financing was led by Khazanah Nasional Berhad, the Government of Malaysia’s strategic investment fund. General Fusion is developing the fastest, most practical and lowest cost path to commercial fusion energy, and is recognized as the world leader in Magnetized Target Fusion (MTF) energy technology. If successful, General Fusion will single handedly address the global demand for cheap, clean, inexhaustible electricity.
GaN Systems, the leading developer of gallium nitride power switching semiconductors, raised USD$20 Million in Series C financing, which will enable the company to increase its product delivery while ramping up sales and marketing support for its rapidly growing international customer base. Several new investors participated in the round, including Beijing-based Tsing Capital. GaN Systems breakthrough power electronics transistors can be used for a wide range of applications, including more efficient data centers and solar inverters, thinner TVs, smaller more powerful motors, longer range electric vehicles (EVs), and a multitude of other consumer, enterprise, industrial and transportation applications.
Enbala Power Networks raised USD$11 Million in equity financing, which includes new strategic investors GE Ventures and Edison International, two of the energy industry’s largest and most well-respected companies. Enbala will use the funds to extend and enhance its technology platform, which provides highly flexible and effective real-time demand response management by harnessing the power of distributed energy.
Since being founded in 2001, Chrysalix has identified and invested in some of the most exciting technologies driving the new energy economy and in the first quarter of 2015, Bloomberg New Energy Finance ranked Chrysalix the number one most active VC firm in the sustainable energy space by deal count.
About Chrysalix Energy Venture Capital
Chrysalix is one of the longest serving sustainable innovation and alternative energy venture capital firms. The firm provides early-stage financing, hands-on assistance, and strategic connections to innovation companies confronting the world’s most important energy and environmental issues. Chrysalix is consistently ranked among the most active sustainable innovation venture capital firms. Founded in Vancouver, Canada in 2001, Chrysalix has one of the strongest investment teams in the sector with more than 130 years’ experience in the energy industry, and is backed by more than 20 international blue chip industrial and financial investors. For more information, please visit chrysalixevc.com.
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