News
September 3, 2007
MITechNews
Michigan Strategic Fund Grants $7.5 Million To Ardesta Ventures
LANSING - The Michigan Strategic Fund dedicated more of the money from the 21st Century Jobs Fund set aside for venture capital funds, granting up to $7.5 million to Ardesta Ventures of Ann Arbor to create a $100 million nanotech and alternative energy fund.
Nano technology and alternative energy are the interests of the three principles in the fund. The 21st Century funds would make up no more than 10 percent of the fund with a $7.5 million investment cap.
The fund was created by Rick Snyder, former president of Gateway Computers, and current chairman of Ann Arbor SPARK; Chris Rizik, current president of NextEnergy; and partner Steve Johns. Officials said a prior fund started by Snyder and Rizik earned 360 percent on realized capital and a prior fund involving all three earned 120 percent on realized capital.
Mel Carter with Credit Suisse, which is reviewing the applications for funds to receive 21st Century revenue, said there have been 182 groups that have downloaded the request for proposals and 40 that Credit Suisse officials have met with.
The Strategic Fund has, with Ardesta, approved investments in seven funds. Of those, three have closed and actually received money, Carter said. Those funds have invested $5.5 million directly back into the state and attracted another $10 million in private investments, he said.
RENEWABLES ZONE: The board also approved Wednesday the extension of a renaissance zone in Watervliet Township, Berrien County, for the development of an ethanol plant by NextGen Energy. The plant, a $140 million project, is expected to produce 55 million gallons of ethanol per year. This story was provided by Gongwer News Service. To subscribe, click on Gongwer.Com
Author: Staff Writer
Source: Gongwer News Service
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