REEF can provide venture capital for small innovative renewable energy companies. This includes companies which are commercialising direct or enabling renewable energy technologies and services, such as manufacturers of photovoltaic cells or the inverters to convert this to useful electricity, providing there is an innovative development being commercialised.
CVC REEF Investment Managers Ltd, the fund manager, will make investments in accordance with guidelines, including eligibility criteria, approved by the Industry Research and Development Board (IR&D Board) in consultation with the Department of the Environment, Water, Heritage and the Arts. The IR&D Board, through AusIndustry is administering REEF on behalf of the Department, with specialist advice and support from the Environment and Industry Departments. The Government will not be directly involved in making investment decisions. The fund manager, other private investors in the fund and the Government will share in any profits from REEF.