CNBC – There is a new breed of funds moving into the clean technology sector – specialized hedge funds that have at least $750 million under management. 

And they bring a new play – long and short – on the notoriously volatile sector.

But it remains to be seen whether playing the growth sector’s zigzags is more profitable than patient investment in the sector’s broader upward trajectory.

“It is an interesting philosophical difference,” notes Angus McCrone of London-based New Energy Finance, a leading provider of clean energy financial research.

“One is saying this is a huge growth story, let’s just put out money in and it will work out well in the long term, and the other is saying, well this is an exciting growth sector but there is going to be some big ups and downs, so let’s take advantage of the ups and the downs and try to get superior performance.”

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Carbon prices are rebounding and diverging from an overall decline in commodities and oil on Tuesday as London-based Camco International [London: CAO] recorded a $2.6 million (US Dollar) profit on the sale of 151,288 tons of carbon credits on the spot market. The CERs were sold to an undisclosed buyer outside of the European Union for an average price of just over 19 euros per ton versus an average acquisition price of just 7.5 euros per ton. With Certified Emissions Reductions (CERs) currently trading around 19.75 euros per ton on Tuesday, Camco’s portfolio of carbon credits is worth over $1.2 billion [USD] at current market prices — including over 150 projects which are expected to generate 151 million CERs by 2012 (of which 41.8 million will go directly to Camco).

EcoloCap Solutions [pdf file] [OTCBB: ECOS] is a US-traded stock that I own based on its carbon credit hedge fund business model; whereby the Company generates CERs in emerging and frontier markets such as Vietnam at a below-market cost and then sells them at higher spot market prices in developed countries such as the US. EcoloCap is focusing its initial efforts in Vietnam and China (which account for over half of all earned carbon credits followed by India at around 10%) through an extensive network of contacts in Eastern Asia — leveraging upon its technical expertise in the implementation of clean energy projects and experience in obtaining United Nations certification for these projects. EcoloCap currently has a total of seven signed renewable energy projects which will generate an estimated $39 million in revenues (versus a market cap of just $21.5 million) and $15 million in cumulative cash flow through 2012, in addition to tradable carbon credits.

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New York – Hong Kong based hedge fund manager, PCM Capital, has successfully launched it second Fund of Funds (FoF) – PCM Green Power Fund on 1st, April 2008.  The fund (Class A) returned 1.34% and 1.10% in the first two months respectively.

The new “Green” fund – with its emphasis on Asia – trades or invests in a number of environmental and alternative energy related sectors including clean energy, water management, waste management, power trading, CO2 derivatives and environmental technologies.

Norman Chan, CIO of PCM Capital, said, “We are launching this product in response to the compelling investment opportunities emerging in the environmental sectors, particularly in Asia.  In addition, there is increasing demand from institutional investors for exposure to environmental related investment.”

Norman further added, “The demand reflects growing environmental awareness, attractive upside potential and solid diversification benefits.”

Established in 2006, PCM Capital has two funds under management – PCM Asia Pioneer Fund and PCM Green Power Fund.

For more information, please visit www.pcm-cap.com

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