New Fund Offers Technology Twist to Alternative Energy Investment

Source:

In October, the San Jose, Calif.-based company unveiled the Firsthand Alternative Energy Fund (ALTEX) to invest in technologies aimed at reducing oil consumption. The fund invests in companies developing the use of solar, wind, fuel cells, hydroelectric power and other forms of alternative energy.

Amid concerns about rising energy costs, Firsthand Capital Management Inc. is widening its focus on technology to include alternative energy.

In October, the San Jose, Calif.-based company unveiled the Firsthand Alternative Energy Fund (ALTEX) to invest in technologies aimed at reducing oil consumption. The fund invests in companies developing the use of solar, wind, fuel cells, hydroelectric power and other forms of alternative energy.

"The promise of these technologies has attracted significant interest from the investment community in a short period of time," according to Firsthand's website.

The launch of the fund comes as many Americans are looking to cut back on their use of oil. The price of a barrel of crude increased 101% to $123.53 per barrel over the one-year period ended last Wednesday.

Meanwhile, the amount of money invested in alternative energy and efficiency technologies increased to more than $70 billion in 2006, from $27.5 billion in 2004, according to data from New Energy Finance Ltd. of London.

From its inception Oct. 29 through March 31, the Firsthand Alternative Energy Fund amassed $2.8 million in assets.

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