Kentucky New Energy Ventures is a state program that administers $5 million in public funds for investment in promising renewable and alternative energy companies in the commonwealth. The program, established legislatively under the name, “Kentucky Alternative Fuel and Renewable Energy Fund Program,” was created by the Kentucky General Assembly under House Bill 1 during the 2007 Extraordinary Session.

The program’s investments will target high-growth potential, early-stage Kentucky-based companies developing and commercializing alternative fuel and/or renewable energy technologies. Funds will be provided in the form of relatively small “seed” grants and – primarily – through equity investments of varying amounts. Applications for the second round of grants and investments from the program will be accepted from Kentucky-based companies having eligible technologies beginning July 21, 2008, through 4:00 p.m. EDT August 20, 2008.

Managed by the Kentucky Cabinet for Economic Development, through the Department of Commercialization and Innovation (DCI), the program will be administered by the Kentucky Science and Technology Corporation, an independent non-profit company. An application and guidelines are available at http://www.startupkentucky.com.