Chrysalix Set has secured an initial close from the two backers of its first fund, Essent and Delta, Netherlands-based utilities, allowing it to remain active in the market.

US-based oil refining company American Refining and Biochemical backs the US-based renewable energy, soil and fertiliser company, coming into the syndicate alongside fellow corporate Waste Management.

John Woolard, Alstom-backed Brightsource's chief executive, says: "The continued market and economic volatility are not optimal conditions for an IPO."

Dow Chemical buys the company previously backed by its corporate venturing unit.

Corporate-backed Chrysalix SET helps the energy efficiency software company raise the largest clean tech series A round in more than two years.

Monsanto backs the algae-based fuel company, which has now raised more than $300m from public and private sources and has the US-based agricultural company's former chief executive, Robert Shapiro, on its board.

Marshall's Martlet and Fidelity's Moonray Investors back LED company iSotera.

The Siemens and Applied Materials-backed solar company increases the size of its C round, which saw Siemens take a 16% stake in the company last year.

The corporate venturing unit of Applied Materials is the only greater than 5% shareholder which did not buy stock in the flotation.

Oil recovery company Glori Energy raises $20m in January, with backing from Energy Technology Ventures.