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VC Investment in Greentech Sector Increases in Third Quarter
According to figures obtained by Greentech Media, during the third quarter of 2009 green technologies amounted to $1.9bn based on 112 deals compared with the $836m over 59 deals in the first quarter of this year and 85 deals worth $1.2bn in the second quarter. This has been attributed to government funding for green energy sources alongside the recovery from the recent economic downturn.
Of these deals, solar power led the way with 29 deals amassing $575m.
Secondly, 17 bio fuel, biomass and gasification accounted for $512m. GTM
research have also documented that there is a growing market for
automotive, energy storage and smart grid investments.
Some deals
worth noting include $300m invested by Exxon into the development of
algae-based bio fuels at Synthetic Genomic. Also Daimler Motors and
Fjord Capital invested $82.5m for Tesla Motor's electric car. Argonaut
Private Equity led the venture capital investment of $198m for
Solyndra's Californian thin-film solar firm. Notable venture capital
investors in the greentech sector included CMEA, NEA, Kleiner Perkins,
Khosla Ventures and Foundation Capital.
Venture partner at
Foundation Capital, Steve Vasallo commented: "It's nice to see that
we've hit an inflection point across all segments of cleantech. With the
economic recovery well on its way, combined with imminent carbon
legislation and the acceleration of energy efficiency and renewable
portfolio standards, I expect we're going to see a surge of cleantech
IPOs. Several of our cleantech portfolio companies - from SunRun to
SilverSpring - are about to close their biggest quarters on record. No
doubt, there's good reason to be optimistic."
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