You are hereSeibel’s Stealth Carbon Startup C3 Lands $26 Million And Condoleeza Rice On Its Board

Seibel’s Stealth Carbon Startup C3 Lands $26 Million And Condoleeza Rice On Its Board


By www - Posted on 29 December 2009

What do Thomas Seibel, Condoloeeza Rice and $26 million have in common? They are all connected to stealth energy startup C3, which may be entering the business of managing carbon cap-and-trade systems for corporations. In the past two weeks, C3 has filed three Form Ds with the SEC disclosing financings totaling almost $26M. Very little is known about the company publicly, and the company declines to comment on its future plans (or anything else). But from other publicly-available sources, an interesting story can be pieced together.

C3 is the brainchild of Thomas Siebel, former CEO of Siebel Systems which was bought by Siebel's previous employer Oracle for $5.7 billion in 2005. Seibel has brought in a lot of familiar talent, including former Siebel Systems and Oracle executives Patricia House and Edward Abbo. House is a star, serving on a number of boards and in the past being named one of Fortune's 50 most powerful women. Abbo is the former CTO of Seibel Systems, among other positions. The holdover team from Siebel, including its CTO, points towards enterprise software.

Also among the C3 board of directors are former Secretary of State Condoleezza Rice and former Senator and Secretary of Energy Spencer Abraham. Both are powerful Republicans, which comes as no surprise as Siebel played a role in introducing Vice Presidential candidate Sarah Palin to California.