Commonwealth Energy Fund (CEF)

Notice - Second Round Applications due by October 15, 2011.

First announced on April 8, 2011, the Commonwealth Energy Fund (CEF) is a new source of investment capital for energy-centric entrepreneurs based in Virginia. The aim of this fund is to back high-growth, “commercially-available” energy ventures who demonstrate a high-level of commercial-readiness. In particular, the CEF seeks the very best ventures with the ability to immediately generate significant revenues - and - to create high-value jobs within the Commonwealth of Virginia.

Geographic Focus
CIT GAP Funds invests exclusively in companies headquartered, and with an express desire to grow in, the Commonwealth of Virginia.

Sectors

Renewable energy such as solar, wind, geothermal, ocean and hydro
Transportation technologies such as vehicles and components, batteries and fuel cells
Bio fuels such as cellulosic ethanol, algae, biomass and biodiesel
Green building technologies such as software, control systems and sensors
Water treatment and purification
Green information technology such as power management and smart grid technologies

Eligibility

Contribute to the energy efficiency and renewable energy portfolio
Promote the conservation of energy
Reduce the rate of growth of energy demand
Reduce dependence on imported oil

Note - In contrast with the GAP Funds, the CEF capital can be applied only to “commercially available”, revenue-ready businesses. Moreover, CEF capital requires the applicant to enter into unique terms and conditions separate and apart from the GAP Funds. Please be sure to read the ARRA requirements.

Key Resources

Application

Second Round Applications due by October 15, 2011.

Please submit an online application here. Suggest executive summary template can be found here.

GAP Fund Highlights

AppTap closed a Series B on 1/12/12
SeniorLiving.Net acquired by RealPage(R) on 7/29/11
Canvas Solutions closed a round on 7/12/11
ROI2 closed a round on 6/10/11
Invincea closed a round on 4/29/11
RollStream acquired by GXS on 3/29/11
Verical was acquired by Arrow Electronis on 4/6/10
Soft Tissue Regeneration closed a Series A round on 6/30/09
Invincea closed a Series A on 3/12/09
Natural Insight closed Series A round on 2/4/09
KZO Innovations closed a Series A round on 11/14/08
RollStream closed a Series B round on 10/27/08
AppTap closed a Series A round on 9/9/08
Global Cell Solutions closed a Series A round on 4/22/08
SquareLoop closed a Series A round on 12/17/07
Tau Therapeutics closed a Series A round on 10/19/07
Verical closed a Series A round on 9/27/07
OnDialog closed a Series A round on 4/13/07
4FrontSecurity was acquired by Symantec on 2/23/07
Visure closed a Series A round on 2/22/07
RollStream closed a Series A round on 7/17/06
Paxfire closed a Series A round on 4/22/05