A California-based venture capital firm, Kleiner Perkins Caufield & Byers (KPCB), is setting up a pair of investment funds that will make $1.2 billion available to companies seeking growth funding in the global renewable energy industry. Companies in all areas of green technology may apply for funding, be it for a wind generation project or development of storage capacity. Of the two funds, the Green Growth Fund is a $500 million investment vehicle aimed at supporting companies that have already entered the growth phase, while a $700 million fund, named KPCB XIII, will back early-stage entrepreneurs. The funding has no geographical restrictions, the application and evaluation process is ongoing, all proposals are evaluated on their own merits with no standard timeframe, and dollar amounts are based on the needs and merits of specific projects, according to KPCB's Ellen Topp. "KPCB is looking for the best ideas, no matter where they are," Topp says. "But the greatest asset KPCB offers is its network and relationships." The announcement of the funds comes less than six months after former Vice President Al Gore joined KPCB as a partner.