DOE Selects Three VC Firms for Cleantech Pilot

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SAN FRANCISCO, Calif. -- The U.S. Department of Energy chose three venture capital firms for its pilot program aimed at delivering new clean technologies to the market faster.

The Entrepreneur in Residence pilot program will pair each firm with one of its laboratories. Kleiner, Perkins, Caulfield & Byers of Menlo Park, Calif., will join the National Renewable Energy Laboratory; ARCH Venture Partners of Chicago will with the Sandia National Laboratory; and Foundation Capital, also of Menlo Park, will work with the Oak Ridge National Laboratory.

"The Entrepreneur in Residence pilot program provides venture capital-sponsored entrepreneurs with access into three Energy Department's world-class national labs to accelerate adoption of advanced renewable energy and energy efficient technologies to fundamentally transform how we power this nation," said DOE Assistant Secretary for Energy Efficiency and Renewable Energy Alexander Karsner.

Each lab will host a firm, which will give "proven start-up entrepreneurs the opportunity to work directly with laboratory staff doe a hands-on look at various, commercially viable technologies," according to DOE.

Entrepreneurs will assess technologies and market opportunities before choosing one for commercialization and negotiating a license to use the technology. The venture capital firms will form and finance a start-up business based on the technology.

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