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May 1, 2006

RE: Venture Capitalists and Investors Support Federal Oil Savings Policy

As leaders in the venture capital and investment community we urge the federal government to take immediate steps to encourage innovation and development of the clean technology industry sector in order to reduce U.S. consumption of oil products, improve national security, secure the country's competitiveness in the 21st century global economy, and put us on a path to mitigating substantial risks associated with global warming. We strongly encourage you to co-sponsor and support the bipartisan "Vehicle and Fuel Choices for American Security Act" (S.2025 and H.R. 4409).

The venture capital and investment community has created thousands of new companies in the United States. We thrive by supplying capital to the most promising entrepreneurs in the country, who shape the future through technology and business innovations. These entrepreneurs keep the United States competitive in the world market by challenging established players and business-as-usual practices -- and by seeking innovation opportunities in a changing world marketplace.

We believe that to encourage and stimulate the entrepreneurial spirit that makes the U.S. a world economic leader, the United States must pass meaningful policy aimed at displacing national consumption of fossil fuels with more sustainable options, such as biofuels for transportation, and encouraging technologies that reduce consumption while also reducing our global warming pollution. The United States should be in the vanguard of the new global market for alternative fuels and fuel efficiency technologies. Our businesses are second to none in developing advanced products when the market conditions reward these investments. A federal oil savings policy would enhance economic certainty in a rapidly evolving, carbon-conscious global marketplace by creating a market for renewable homegrown fuels and advanced technologies and promoting innovation, competitiveness, and growth in the clean technology, manufacturing, and energy sectors.

The United States' lack of oil savings policy is compromising the nation's competitiveness, and harming our economy. Without federal leadership to reduce oil consumption, American businesses continue to make long-term capital investments that commit the U.S. to petroleum- based goods and services and foreign energy dependence. This leads to increased economic vulnerability to oil shocks, drains on our economy, and increases global warming pollution - while discouraging the development and deployment of competitive new technologies. Meanwhile other nations are ahead of the U.S. in developing products and services that position them for leadership in solving the global oil supply challenge.

The Vehicle and Fuel Choices for American Security Act offers the means to reduce our oil dependence through concrete national oil savings commitments and incentives to spur innovation and create new markets, companies, and jobs. The legislation would establish a firm national commitment to oil savings, starting with a 2.5 million barrels of oil per day reduction within a decade. It would provide incentives for American farmers to grow a new generation of biofuels and for auto manufactures and parts suppliers to invest in producing more efficient vehicles. The bill would help make sure we accelerate oil savings in heavy duty transportation through measures such as idling reduction, put flexible fuel vehicles and alternative fuel pumps on the ground, and boost development around mass transit to reduce inefficient oil use and vehicle miles traveled.

Every year that passes without a national policy puts us further behind the global competition in alternative fuel and fuel efficiency technologies. The United States has a history of regarding challenge as opportunity, analyzing the facts, encouraging decisive action and deploying our best minds to the task at hand. We have led the world in innovation and are poised to do it again. Our commitment to long term economic growth and national security demand it.

We urge Congress to take swift and strategic action to reduce oil consumption in America, encourage innovation in American business, and promote U.S. leadership.

Sincerely,





Clifford Adams (New York)
Managing Director, Coady Diemar Partners
Jim Anderson
Foundation Capital
Christopher Arndt (Colorado)
Private Investor & Author
Greer Arthur
G.M. Arthur and Company LLC
Jay Baldwin (California)
Partner, Wind River Capital Partners, LLC
Eric Bowen (California)
Vice President, Corporate Business Development & Legal Affairs, Renewable Energy Group
Matt Cheney (California)
Co-Founder & Managing Director, Catalyze
Ajay Chopra (California)
Trinity Ventures
Diane Christensen (California)
President, Manzanita Management Corp
Deborah Cincotta (California)
Writer
Tom Cole (California)
CEO, Consuming, Inc.
Bud Colligan
Accel Partners
Terence Cryan (New York)
Managing Director, Concert Energy Partners
Michael Cuddehe (New York)
Principal, Strategic Global Advisors, LLC
Bo Cutter
Warburg Pincus LLC
Reid Dennis (California)
Managing Director, Institutional Venture Partners
Mike Dierks (California)
Founder, Lobos Valley Advisors
Ted Driscoll (California)
Partner, Digital Healthcare Lead, Claremont Creek Ventures
Abbas El Gamal
Stanford University
Bob Epstein (California)
Co-Founder, Sybase, New Resource Bank, Environmental Entrepreneurs
Chris Eyre (California)
Managing Director, Legacy Venture
Hedy Eyre (California)
Jesse Fink (Connecticut)
Private Investor, Marshall Street Management
Nancy Floyd (California)
Founder and Managing Director, Nth Power
Tod Francis (California)
Founding Partner, Shasta Ventures
Andy Funk (California)
Managing Director, Funk Ventures
Michael Goldberg
General Partner, Mohr, Davidow Ventures
Dan Goldman (Massachusetts)
Co-Founder and Managing Partner, Clean Energy Venture Group
Ken Goldsholl (California)
CEO, x.o.ware, Inc.
Russell Hall (California)
Managing Director, Legacy Venture
John Harper (Massachusetts)
Principal, Birch Tree Capital, LLC
Jim Heath (New Mexico)
Founding General Partner, Entegrity Partners, LP
James Higgins (California)
Partner, Lakeside Enterprises
Jill Tate Higgins (California)
General Partner, Lakeside Enterprises
Robert Hoguet (New York)
Consultant, Self Employed
David Ladd
Mayfield
Josh Lamstein (New York)
Director, GF Capital Management & Advisors LLC
Laura Lauder (California)
Lauder Partners
Jeff Lawrence (California)
Founder, President and CEO, Clivia Systems Inc.
Nicole Lederer (California)
Chair and Co-Founder, Environmental Entrepreneurs
Paul Lego (California)
Virage Inc.
Pascal Levensohn
Founder and Managing Director, Levensohn Venture Partners
David Liddle (California)
General Partner, USVP
Joe Mandato
Managing Director, De Novo Ventures
Tim McAdam (California)
Technology Crossover Ventures
Charles McDermott (Massachusetts)
Rockport Capital Partners
Jim McDermott (California)
Managing Partner, U.S. Renewables Group
Kate Mitchell (California)
Co-Founder and Partner, Scale Venture Partners
Wes Mitchell (California)
Board Member, Foto Forum, SFMOMA
Jay Morrow (Pennsylvania)
Senior VP, AIG Property Casualty
Kathy Murphy (California)
Former CFO and Administrative Partner, Trinity Ventures
Gib Myers (California)
Partner Emeritus, Mayfield Fund and Founder/board of the Entrepreneurs Foundation
Tim Newell (California)
Director of Financial Products, Tesla
Larry Orr (California)
General Partner, Trinity Ventures
Alex Osadzinski (North Carolina)
Chief Marketing Officer, Relias Learning
Jiali Osadzinski (North Carolina)
Vic Parker (California)
Managing Director, Spectrum Equity
Ariel Poler
Odeo Inc.
Ruthann Quindlen (California)
Institutional Venture Partners
Eric Ramberg (California)
Carr & Ferrell, LLP
Andy Rappaport
August Capital
Zeb Rice (California)
Partner, Angeleno Group
David Rosenstein (California)
President, Intex Solutions
Jeanne Sullivan (New York)
Co-chair and Founder, StarVest Partners
Immanuel Thangaraj
Managing Director, Essex Woodlands Health Ventures
L. S. Thorne (Connecticut)
Mike Thorne (Connecticut)
Bill Unger (California)
Partner Emeritus, Mayfield Fund
Thomas Van Dyck (California)
Senior Vice President, RBC Wealth Management
Sanjay Vaswani
Center for Corporate Innovation Inc.
Ven Venkatesh
Texan Ventures
Alexa Willson (New York)
Managing Director, Private Client Advisor, U.S.Trust, Bank of America Private Wealth Management
Erik Wohlgemuth (Oregon)
COO, Future 500
Marianne Wu (California)
Partner, Mohr, Davidow Ventures
Ion Yadigaroglu (California)
Managing Partner, Capricorn Investment Group

75 members

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