By Dan Primack
June 27, 2013

FORTUNE — A new breed of energy-focused private equity funds is beginning to emerge, focused on capital-efficient companies rather than the fortune-burning manufacturing plays of yesteryear. In other words, no more solar panel or biofuel investments that look more like project finance than traditional venture capital.

The latest one I’ve heard about is being formed by Doug Kirkpatrick, who has spent the past three years as a partner with VantagePoint Venture Partners. His new platform is called InnerProduct Partners, and currently is seeking commitments for its debut fund.

Kirkpatrick spent eight years as a chief scientist with the Defense Advanced Research Projects Agency (DARPA) before joining VantagePoint, and is being joined on InnerProduct by a number of former colleagues. Among them is Pete Haaland, a former DARPA project manager who later was an office director with Intelligence Advanced Research Projects Activity (IARPA).

Kirkpatrick did not respond to requests for comment.

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