Turquoise backs clean tech

Bloomberg reports.

Turquoise is working to raise funds for bio-ethanol maker Vireol and RockTron International, which recycles fly ash from coal-fired power stations. It's also helping Onzo, a smart meter company, and Controlled Power Technologies, which designs carbon reduction products for vehicles, MD Ian Thomas said in an interview in London.

The 27-nation European Union is sticking to clean-energy targets for member states, aiming for an average 20% share of energy from renewable sources across the bloc by 2020, Bloomberg Businessweek writes.

Britain is aiming for a 15% share. Turquoise is a London-based corporate finance advisory company for the renewable energy and environmental industries.

In addition to its advisory service, Turquoise invests directly in clean energy companies through its Turquoise Capital unit and the £12 million Low Carbon Innovation Fund, said Thomas. Turquoise Capital already owns a 22% stake in Controlled Power Technologies.

Turquoise expects to close three or four deals for LCIF by year-end that could total £1.3 million, Thomas said. The fund, also backed by the European Regional Development Fund, invests in businesses in eastern England and the deals it's currently considering are all in technology-orientated companies, he said.