Virtual Group, LLC is an early stage private holding company that focuses on progressive environmental technologies, usually in the technology sector. Virtual Group’s area of specialization is in the private company sector, usually in the seed capital through series A preferred rounds of growth. 

Virtual Group prefers to consider technologies that are quite early and in areas that are not yet receiving significant attention. Some would consider the focus leading edge. Leading edge is sometimes considered “bleeding edge,” as early stage opportunities usually have obstacles to navigate that require unique, hands-on skills. Accordingly, one fundamental criteria that must be met before consideration of an investment is the willingness and desire of the founder/inventor to have Virtual Group take a very active role in providing management and active Board involvement during this early stage. 

E2 and Lee played an unusual (and critically influential) role in the passage of California’s landmark AB 1493 legislation, a law directly aimed at reducing greenhouse gas emissions from automobiles. This success became the initial legislative win of E2. Lee received a special thank you from Governor Gray Davis for his active role.

(Official page on Government of California Website)
(Lee’s Unusual Role in the Passage of California’s Landmark AB-1493 Bill)

In 2005, Lee was invited to serve with the vice chairman of the California Energy Commission in developing the California Secure Transportation Energy Plan. 

CalSTEP is a diverse partnership of industry, automotive, business, academic, policy, and nongovernmental professionals formed to come up with a comprehensive, pro-business action plan to increase energy efficiency and fuel choice in California, becoming a model state for transportation energy consumption by 2020. 

(California Action Plan Summary)

XPRIZE is a non-profit organization that designs and hosts public competitions intended to encourage technological development to benefit humanity. Lee has served on the XPRIZE Foundation’s Board of Trustees, along with James Cameron, Larry Page, Arianna Huffington, Dean Kamen, and Ratan Tata, among others. 

(XPRIZE Board of Trustees)

The passage of AB-32, the California Global Warming Solutions Act of 2006, marked a watershed moment in California’s history, and the history of environmental sustainability worldwide. At the bill signing, Lee was invited by Senator Nunez and Senator Pavley, the authors of AB-32, for the photo op. By implementing a legislative framework for a sharp reduction of greenhouse gas (GHG) emissions, California, with bill AB-32, set the stage for its transition to a sustainable, low-carbon future. 

Fascinated by the work of the XPRIZE Foundation, Lee set out to create an innovative (for-profit) venture designed to leverage the philanthropic XPRIZE model. Prize Capital’s mission is to implement innovative financing techniques to facilitate radical breakthroughs, particularly in the fields of energy and the environment. The innovative approach was remarkably unique, and the US Patent and Trademark Office granted Stein his fourth patent. Based on using prizes to generate innovation capital, the proprietary financing mechanism combined inducement prize competitions with companion investment funds to create a platform that mitigates early-stage investment risk to investors and facilitates the greater flow of capital to early-stage innovators. 

Lee had been an active participant with the Royal Dutch Shell Scenario Planning initiative dealing with future energy scenarios. The resulting report, entitled BluePrint and Scramble, highlighted the risks to sustainability if environmental responses were coordinated by industry or left to a free-for-al,l self-serving approach. 

(Shell’s Official Website)
(About Scenario Planning)
(“Scrambling for Blueprints”)

Through Prize Capital, Lee also served as a contractor to the Global Environmental Facility (GEF) of the World Bank. Lee participated as a presenter at the 2007 United Nations Framework on Climate Change Conference, Nusa Dua, in Bali, Indonesia (“UNFCC”), when The “Earth Fund” was formally launched at the (“COP 13”). Lee presented with GEF CEO Monique Barbut and the IFC Sustainability Chief. 

Lee served as a member of the Director’s Cabinet of the Scripps Institution of Oceanography (“SIO”).

Founded in 1903, The Scripps Institution of Oceanography (sometimes referred to as SIO, Scripps Oceanography, or Scripps) in San Diego, California, is one of the oldest and largest centers for ocean and Earth science research, public service, undergraduate and graduate training in the world. Hundreds of ocean and Earth scientists conduct research with the aid of oceanographic research vessels and shore-based laboratories.

In 2008, Lee’s Prize Capital initiated and spearheaded the process of creating a prize competition to address the issue of converting CO2 (a waste product) into productive assets. Lee led the charge to raise the Prize Purse and Prize operations budgets to launch of the NRG Cosia $20M Carbon XPRIZE. This became a high profile international competition that successfully enhanced the visibility of viable technologies that can cost-effectively utilize carbon emissions from industrial facilities to produce usable products. XPrize awarded $20 million in prize money. The effort also caused the creation of two $20M CO2 test centers: one in Wyoming, USA, and another in Calgary, Alberta, Canada.