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Cleantech investment hit record $2.6B in Q3

Posted: 03 Oct 2008 ?? ?Print Version ?Bookmark and Share

Keywords:solar cell? thin-film module? cleantech investment?

The Cleantech Group disclosed that venture investments in North America, Europe, China and India across 158 companies reached $2.6 billion in Q3 08, a record quarter for clean tech investments.

Third quarter investments tally a 37 percent increase over the same period a year ago, and a 17 percent increase over the second quarter of 2008. Clean tech venture investments through the third quarter of 2008 now total $6.6 billion, exceeding the full-year 2007 total of $6.0 billion.

"Cleantech venture investing has continued to show strong growth despite the unprecedented turmoil in the credit markets during the quarter," said Michael Goguen, managing partner, Sequoia Capital and co-chair of the North American advisory board of the Cleantech Group's Cleantech Network, in a statement. "In the coming quarters, we could foresee large scale clean tech projects having to work harder to get financed. However, the capital efficient, early-stage companies addressing the inefficiencies of existing markets should see continued venture financings."

Major investments were made in smart grid, thin-film solar and algae companies. U.S. companies received a record $1.75 billion in 77 financing rounds, accounting for 67 percent of the global total, said Cleantech. California-based companies received approximately 42 percent of clean tech investments, with a record $1.1 billion in 35 investments. Canadian companies received $49 million in six investments.

The amount invested in European companies was the highest ever recorded for a single quarter, according to the founders of the clean tech investment category. European companies (including Israel) received $742 million in 46 disclosed financing rounds or 28 percent of the global total, driven by thin-film solar and wind companies.

Chinese companies raised $111 million in venture capital across seven rounds, accounting for approximately 4 percent of the global total. The largest single investment was in Feida PV Co. Ltd, which produces solar cells and modules. Investments in solar companies accounted for more than half of the investments made in China, according to Cleantech.

Indian companies raised $6.3 million in venture investments across two rounds, accounting for approximately 0.2 percent of the total. The only disclosed deal in India this quarter was raised by Attero Recycling, an e-waste management and recycling company.

The top five most active Cleantech venture funds are RockPort Capital Partners, Google Inc., Advanced Technology Ventures, Kleiner Perkins Caufield & Byers and Khosla Ventures.

- Gina Roos
Green SupplyLine

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