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Clean tech investments hit $2.6 billion

Posted: 03 Oct 2008     Print Version  Bookmark and Share

Keywords:clean tech industry  venture investments  clean tech investments 

The Cleantech Group, founders of the clean tech investment category and providers of global market research and financial services for the clean tech industry, has announced that venture investments in North America, Europe, China and India across 158 companies reached Rs.11,182.76 crore ($2.6 billion) in the third quarter of 2008, establishing a record quarter for clean tech investments.

Third quarter investments tally a 37 per cent increase over the same period a year ago, and a 17 per cent increase over the second quarter of 2008. Clean tech venture investments through the third quarter of 2008 now total Rs.28,387.00 crore ($6.6 billion), exceeding the full-year 2007 total of Rs.25,806.37 crore ($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 Rs.7,526.86 crore ($1.75 billion) in 77 financing rounds, accounting for 67 per cent of the global total, said Cleantech. California-based companies received approximately 42 per cent of clean tech investments, with a record Rs.4,731.17 crore ($1.1 billion) in 35 investments. Canadian companies received Rs.210.75 crore ($49 million) in six investments.

The amount invested in European companies was the highest ever recorded for a single quarter, said Cleantech. European companies (including Israel) received Rs.3,191.39 crore ($742 million) in 46 disclosed financing rounds, or 28 per cent of the global total, driven by thin-film solar and wind companies.

Chinese companies raised Rs.477.42 crore ($111 million) in venture capital across seven rounds, accounting for approximately 4 per cent 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 Rs.27.10 crore ($6.3 million) in venture investments across two rounds, accounting for approximately 0.2 per cent 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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