U.S.-Based BrightSource Receives $10m From Russian Venture Capital

Russian Venture Company’s (RVC) new fund has reached overseas with a recently announced investment in an American solar energy firm. Russian Venture Capital I LP is investing USD 10 million in California-based BrightSource Energy as part of that company’s series D funding.

Joining RVC in the USD $150 million round were previous investors BP Alternative Energy, Chevron Technology Ventures, Draper Fisher Jurvetson, Morgan Stanley, StatOil HydroVentures, and VantagePoint Venture Partners. Two new investors, Alstom and the California State Teachers Retirement System, also came on board.

BrightSource Energy (www.brightsourceenergy.com)
BrightSource Energy, Inc. is a solar energy utility company striving to produce clean energy with a minimal impact on local and regional environments. The company designs and builds solar power plants to provide supplemental energy to fossil fuel-based energy producers. BrightSource’s solar thermal technology creates steam and electricity to provide in excess of 2610 megawatts to its customers. They are based in Oakland, CA with additional operations in Australia and Israel.

Russian Venture Company (www.rusventure.ru)
State-owned Russian Venture Company (RVC) is the Russian Federation’s fund-of-funds dedicated to building a sustainable venture capital industry in Russia through direct investment and contributions to other VC funds.

It was established in June 2006 and has a current funding authorization of RUB 28.2 billion (USD $960 million). RVC directors have developed a Critical Technologies List which has been approved by Russia’s President, to be used as one of the determining factors in where to invest fund money.

RVC look for opportunities in the biomedical, energy, environmental management, industrial materials, IT, security, and transportation sectors. The firm is based in Moscow.