Rochester raising $150M for green industry fund; US Renewable to manage

In New York, the Greater Rochester Enterprise economic development organization is fundraising $150 million for a venture capital fund that will support local green industry. The fund will be managed by U.S. Renewables Group, a 7-year-old private equity firm that focuses on renewable energy investments and already manages $750 million.

US Renewables is the primary investor behind Fulcrum Bioenergy, which recently becamse the first company to secure a term sheet on a critical DOE loan guarantee.

The aim of the fund would be to invest in 15-20 young renewable energy companies that operate in the Rochester area — either as locally grown enterprises or as firms that move to the area to get started.

More on the story.