CalCEF is a $30 million nonprofit venture capital fund formed in 2004 to accelerate the development of promising early-stage clean energy technologies. The Fund arises from the California electricity crisis and the ensuing bankruptcy settlement negotiated by the California Public Utilities Commission (CPUC) with Pacific Gas and Electric Company (PG&E). CalCEF dedicates its capital to entrepreneurs that are developing technology or products that could benefit the region, the state of California, and the clean energy transition broadly. To date, CalCEF has operated as a fund-of-funds in partnership with private investors, leveraging its funds in a broad pool of investable capital.

CalCEF is a non-profit entity, but makes for-profit investments in commercially viable companies via a range of partnerships. Profits will be reinvested in the Fund to further support the mission of accelerating clean technology development. CalCEF also supports a range of public policy programs through CalCEF Innovations, an affiliated non-profit working at the intersection of policy, technology and finance.

CalCEF is governed by a nine-member Board of Directors, while CalCEF Innovations is presently governed by four Directors. The Board has retained a team of private equity firms to serve as investment managers for CalCEF, including, launched in 2008,the CalCEF Clean Energy Angel Fund.