Houston venture capital firm Yellowstone Capital is headed back onto the fundraising road as it looks to secure $50 million for the first closing of its second cleantech vehicle in early 2008. Yellowstone Energy Ventures II, LP and its predecessor Yellowstone Energy Ventures I will target early-stage cleantech startups developing solar, energy storage, wind, clean coal, nuclear and other alternative fuel technologies.
While $50 million for YEV II might not seem like much to invest in an industry where portfolio companies are receiving that much and more in a single round, the firm has had some real success in picking early-stage winners. Launched in mid-2004, its first cleantech fund was an early backer of startups like Protonex Technology Corp., SolFocus Inc. and Heliovolt. Protonex went public on London's AIM in 2006, while Heliovolt and SolFocus went on to raise $101 million and $63 million in their respective rounds in 2007. - George White
See Jan. 9 press release from Yellowstone
See Oct. 22 story from TheDeal.com
See Nov. 20 story from TheDeal.com
