Technology News

Illinois Creates Energy Foundry Venture Fund

Monday, February 04, 2013 5:17:00 AM PDT | VentureDeal

Chicago, Illinois  --  A provision in the 2011 Illinois Smart Grid law is taking effect as Energy Foundry, in early-stage energy focus venture capital fund announced its official formation.

Illinois electric utilities ComEd and Ameren provided $22.5 million in initial funding for the fund, which is designed to stimulate innovations in the energy technology marketplace.

The fund is designed to be an "evergreen" fund, so that any profits are reinvested into other Illinois-based businesses, rather than distributed to limited partners.

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