“Vinod Khosla, the billionaire venture capital investor, is raising his bet on clean technology,” according to Bloomberg News.
“Khosla Ventures, the company he formed in 2004, created a $1.05 billion fund and will steer as much as 65 percent of that to back businesses developing renewable sources of power, energy-efficiency technology and LED lighting products, Khosla said Friday.
“In supporting early stage companies with unproven technology, Khosla expects some of them to fail. Lawmakers in Washington have criticized an Energy Department program that followed the same strategy by providing a loan guarantee to Solyndra LLC, the Fremont solar company that filed for bankruptcy last month.
“‘When you’re trying new things, some things just don’t work,’ Khosla said. ‘Solyndra wasn’t cost competitive with other companies in the valley; there are other companies that are doing fine.’
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