Rutherford Innovation to spend US$50 million on green technology

The Rutherford Innovation Fund is looking to invest up to US$50 million in clean technology. Established by Milestone Capital, the fund’s backers include biofuels entrepreneur Nick Gerritsen and former Christchurch, New Zealand Mayor Vicki Buck. Milestone Capital Principal Kenji Steven said the fund aims to ride the wave of the trend in clean technology development. Some of the money raised will go into the current portfolio of companies, but Steven said Milestone Capital is actively looking for investments in New Zealand companies or businesses with significant operations in New Zealand. Clean technology industries encompass biofuels, clean water, CO2 reduction solutions, green buildings, transportation, smart grids, solar energy and wind power. (October 2, 2009)