The Rutherford Innovation Fund, established by Milestone Capital, has announced its plans to make an investment of up to $50 million in "clean technology" sensing the importance of clean and green technology in future. The fund is aimed at helping early stage technology companies, like some of the already existing funds in the market.

Milestone Capital chief, Kenji Steven, said that the move by biofuels entrepreneur Nick Gerritsen and former Christchurch mayor Vicki Buck is a right step in the direction of clean technology development and for providing pollution-free technology. Steven said, "The timing is, we believe; now for clean technology. Clean tech is really changing every aspect of our lives."

More research and development on bio-fuels, clean water, CO2 reduction solutions, transportation, smart grids, green buildings, solar energy and wind power may promote clean technology by mitigating the risks of environmental and health hazards.

Steven said that Milestone Capital would particularly help New Zealand-based companies, as well as those firms that have significant operations in New Zealand. He further added, "The bulk of our portfolio, they're looking for acceleration capital rather than validation capital. It's not like they're still trying to work out what they're doing and how to make the thing work."