The California Clean Energy Fund (CalCEF), formed in 2004, will make equity investments totaling at least $30 million in emerging clean energy technology companies. The Fund arises from the PG&E bankruptcy settlement negotiated by the California Public Utilities Commission (CPUC). CalCEF will invest in companies located in PG&E’s service territory and elsewhere that are developing technology or products that could benefit the region.

CalCEF is a non-profit entity, but will make for-profit investments in commercially viable companies. Profits will be reinvested in the Fund. Funds will be invested in private companies creating technologies or products that will lead directly or indirectly to decreased reliance on non-renewable fuels. This can include companies focusing on renewable energy, energy efficiency, energy storage, and other areas. It can also include companies providing products and services, such as software, that are designed to enhance a particular aspect of the clean energy sector.

CalCEF is governed by a nine-member Board of Directors and recently hired two staff, a President and a Director of Technology and Policy Development. The Board has also retained a team of private equity firms to serve as investment managers for CalCEF.