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Capricorn Investment Group Seeks Monumental Change for Clean Tech Startups

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US climate bill brings major shift for Capricorn Investment Group and clean tech startups.

Photo of a group of investors with their hands raised in celebration in front of the US Capitol Building, with the US climate bill being signed in the background.

Capricorn Investment Group, a California-based venture capital firm, is looking to usher in a monumental change for clean tech startups following the passing of the US climate bill. The firm, co-founded by industry analyst Ion Yadigaroglu, is among investors that have put their money behind technology to enable the clean energy transition.

Xora Innovation and Capricorn Investment Group were two investors that set the bar high for clean tech startups. Madison Avenue, Capricorn's biggest shareholder, is an Investment manager that has been praised for their involvement in the climate bill. The company has a presence in countries such as the US, Canada, and the UK, and works with major companies such as Palliser and Legal & General Investment Management (LGIM).

Ion Yadigaroglu, co-founder of Capricorn Investment Group, has spoken to Bloomberg Green about the US climate bill and its effects on clean tech startups. He believes that the bill brought “the biggest part” of the shift needed to move towards a cleaner energy future.

Capricorn Investment Group holds 7,141,130 shares representing 2.62% ownership of the company. This is according to its latest filing, with investors partly financing research into the technology expected further down the line. Xora Innovation, Bank of China Group Investment, Canada Pension Plan Investment Board, ArcelorMittal, Breakthrough Energy Ventures, Coatue, Energy Impact Partners, and Mubadala Investment Company have all backed the research.

However, the momentum of the US climate bill has been overshadowed by recent events surrounding Capricorn Investment Group. There has been an exodus of board members, with weeks of pressure on the management for controversial plans to merge with Israeli rival NewMed Energy. Despite this, the company has since appointed Tom Pitts, a former BG Group and Amerada Hess executive, to the board. Pitts has over 25 years of experience in Investment banking and is likely to be a positive addition.

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