You site : News - China New Energy Source - Rockley Group expands China cleantech fund to $200m
¡º Rockley Group expands China cleantech fund to $200m ¡»[2010-11-30]
Technology-focused Rockley Group has expanded its Rockley China Fund to $200m following an agreement it formed with the Shanxi Small and Medium Enterprise Investment Corporation (SSMEIC), a high technology venture fund owned by the Shanxi provincial government.
The two investment bodies have agreed to raise a $100m fund, the Shanxi Zhongying Rockley fund, as well as collaborating on an initiative to further develop the enterprise environment in Shanxi Province, a traditionally coal mining region in China. With a gross domestic product of around $100bn, the province produces a quarter of China¡¯s coal.
The Shanxi fund was established in the province¡¯s Taiyuan City, and included a $60m investment from SSMEIC, paired with a $40m investment from Rockley. The fund focuses on investments in technology companies in the energy, environment, health and safety sectors, and its organisers predict that its target companies will achieve liquidity results within two to five years.
Development capital, deal flow and regulatory advice will be provided by SSMEIC, whereas the Rockley Group will be the source of further investment opportunities and will advise on exit opportunities.
Last year, Rockley Group signed a similar agreement to raise a $100m fund with Shandong High-Tech Investment and the Shandong Academy of Sciences.
The Rockley Luxin fund has since been incorporated as a joint venture vehicle, and is part of the wider Rockley China Fund, which is headquartered in Beijing.
Rockley Group chairman Dr Andrew Rickman said, ¡®The demand for technology solutions to support sustainable domestic economic growth in China will be one of the greatest investment plays of the next few decades.
¡®Through the Rockley Shanxi initiative and Rockley China Fund, our investors will gain access to high quality deal flow from growing companies with proven products and services to meet that significant demand in China and beyond. We have a growing list of investors from Europe, Hong Kong and China who are attracted by this opportunity.¡¯ www.EnergyChinaForum.com The Rockley Group portfolio includes biofuel developer Green Biologics, which has recently signed landmark agreements with the China ¨C UK Low Carbon Enterprise and two of China¡¯s major biochemical firms. (Edited by EnergyChinaForum.com. For more information, please email to: info@energychinaforum.com)
