Westly Group Raising Over $100 Million For New Cleantech Fund

Steve Westly is drinking the green kool-aid, big time. At Reuters Cleantech Summit he said he thinks more than a dozen cleantech companies will go public next year and he’s having no problem raising money for a new cleantech fund.

OK, it’s more than just drinking the Kool-Aid. Westly is founder of the Westly Group, which is invested in Tesla, and Eka Systems amongst other green companies.

At the Reuters event he said, “I will have a formal announcement next week. Our goal was to raise $100 million despite a historically challenging financial market. We will exceed that goal.”

After a rocky start to the year, green funding is coming back. We get this big funding news on the heels of Vinod Khosla’s $1 billion raise for a cleantech fund.

The funds won’t start flowing if there are no no exits for VCs. Westly has good news on that front as well, saying “I’m incredibly bullish about the IPO market in 2010.” He says a dozen companies will go public. As a matter of fact, he says, “It wouldn’t surprise me if we exceeded that.”

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