Thursday, Jul 21, 2011

Gulf News

Abu Dhabi: Masdar Capital, one of the five integrated units of the Abu Dhabi state-owned renewable energy company Masdar, announced its second investment from its DB Masdar Clean Tech Fund-II in a technology-based glass processing company called eCullet Inc based in Palo Alto, California.

eCullet Inc said it closed an investment of up to $38 million (Dh139.5 million) led by DB Masdar, with additional backing from Angeleno Group, a Los Angeles based private equity firm, in a statement released to the press yesterday.

Masdar Capital currently manages two clean technology funds with assets worth over $540 million. The $290 million DB Masdar fund is the companys second fund which was launched in January 2010. The fund made its first investment in UPC Renewables China in December of the same year.

Since its launch in January last year, Masdar Capital has a four-year investment period for its second fund and is looking at investment opportunities in recycling, power storage, electricity grids, and waste to energy projects.

We think that the opportunity right now for investment in the $15 to 40 million range is a very profitable one. We think its the right amount of money for a lot of companies were seeing in terms of theyre at the right stage, where they have proven technology, perhaps some revenue and that amount of money allows them to get to the next major milestone, said Masdar Capitals head of Investments Alex OCinneide.

The $250 million Masdar Clean Tech Fund-I is Masdar Capitals first fund which was launched in 2006 and has invested in 14 companies, each with an investment ranging from $10 million $25 million, OCinneide said.

Masdar Capitals only investment in the UAE has been in Enviromena, where it is the companys largest shareholder. The volume of proposals from companies in the region is much less than what you get from America or North Europe, so we imagine that going forward that the majority of our investments will be internationally focused and we hope to make more in the region as they develop, he said.

By Samia Badih, Staff Reporter

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