NORWAY - Energy Ventures closes new fund on NOK 1.3bn

Investors in the new fund included cornerstone investor Ferd Venture who committed NOK 250m, as well as LGT Capital Partners, LMS Capital, Temasek Holdings, Partners Capital and Keppel Offshore & Marine.

The fund has led a $12m series-B round in California-based Direct Drive Systems announced January 21.

Energy Ventures III succeeds Energy Ventures II which was fully invested in Q4 2007, but had not yet made any divestments.

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