Clean technology venture investment continued recovering in 3Q09 spurred by economic stimulus investment
Landmark IPO and new funds also signal broadening confidence in clean technology, now the leading venture investment category
October 1, 2009 – The Cleantech Group™, providers of leading global market research, events and advisory services for the clean technology (cleantech) ecosystem, along with Deloitte, which provides audit, tax, consulting and financial advisory services to cleantech companies, today released preliminary 3Q09 results for clean technology venture investments in North America, Europe, China and India totaling $1.59 billion across 134 companies.
Cleantech venture investment continued its recovery in the third quarter of 2009, after significant declines in 4Q08 and 1Q09 paralleling the global economic downturn. Following a rebound in 2Q09, the 3Q09 total is up a further 10 percent compared to the previous quarter, yet down 42 percent from the same period a year ago.
“The billions in government funding being allocated globally in clean technology have begun emboldening private capital, which has in turn helped propel clean technology to the leading venture investment sector, now eclipsing biotech and IT,” said Dallas Kachan, Managing Director, Cleantech Group. “The two largest venture deals (Solyndra and Tesla Motors) and the largest IPO (A123Systems) this quarter were all recipients of U.S. government funding. Hundreds of millions of dollars in new venture funds this quarter are also evidence of investor confidence and momentum, including $1.1 billion in two new funds by Khosla Ventures alone.”
“The extension of tax credits for renewable-based power generation along with government stimulus and regulatory requirements to meet renewable portfolio standards are helping to drive continued investment on the part of VCs and utilities into the cleantech sector,” said Scott Smith, U.S. leader of Deloitte’s Clean Tech practice. “Utilities are increasingly bringing their access to capital to the sector through direct investment and power purchase agreements, driving new projects and increased capacity. We continue to see utilities investing in wind and solar and expect this trend to continue as cleantech projects become more economically viable and desirable for utilities.”
BY TECHNOLOGY SECTORThe leading clean technology investment sector was solar, which rose from the previous quarter’s 13 percent to 28 percent of venture investment, but still only received $451 million, down from a high of $1.2 billion invested in 3Q08. The second highest area of investment was transportation—subsectors of which include vehicles, biofuels and advanced batteries- which received $383 million. Green buildings—including energy efficient buildings, glass and lighting subsectors—had a strong quarter, with investment of $110 million. The largest transactions in each technology sector were:
•Solar - $451 millionDeals included: California-based thin film company Solyndra, which raised $198 million from a group of investors led by Argonaut Private Equity; California-based SolFocus, a developer of concentrating PV systems, which closed its Series C fundraising on $77.6 million from investors including Apex Venture Partners, New Enterprise Associates, NGEN, Yellowstone Capital, Demeter Partners, and affiliates of Advanced Equities; and California-based SunRun, a residential power purchase agreement (PPA) provider, which raised $18 million from Accel Partners and Foundation Capital.•Transportation (including Vehicles, Advanced Batteries & Biofuels) - $383 millionDeals included: Tesla Motors, the California-based electric car manufacturer, which raised $82.5 million in funding from a group of investors led by London-based Fjord Capital Management; Think Global, the Norwegian electric car manufacturer, which officially announced a $46 million round; and Amyris Biotechnologies, the California-based developer of a synthetic platform to create renewable fuels and chemicals, which secured $24.8 million as part of an ongoing $62 million Series C funding round.•Green Buildings (including Energy Efficient Buildings, Glass & Lighting) - $110 millionDeals included: Serious Materials, the California-based developer of a range of green building materials, which raised $60 million in Series C funding from Mesirow Financial, Enertech Capital, Cheyenne Partners, Saints Capital, as well as existing investors; and iControl Networks the California-based developer of broadband home management systems for controlling energy usage, which raised $23 million in Series C funding from Tyco International’s ADT Security Services, Cisco, Comcast Interactive Capital, GE Security, and existing venture capital backers.
M&As AND IPOsClean technology M&A dropped in 3Q09 from the previous quarter, totaling an estimated 98 deals, of which totals were disclosed for $5.9 billion.
In the leading cleantech IPO of the quarter, and one of the most significant cleantech exits to date, A123Systems made its long awaited debut on the NASDAQ Global Market, in which the company raised $380 million at a company valuation of $1.3 billion (which rose to $1.9 billion by the close of day one trading). Other clean technology IPOs recorded in 3Q09 were wind farm developer Indian Energy, which began trading on London’s AIM, raising $16.2 million, and India-based Euro Multivision, which raised $13.5 million on the Bombay Stock Exchange for the company's photovoltaic solar cell manufacturing unit.
BY GEOGRAPHYNorth America continued to attract the largest percentage of clean technology venture capital, with Europe and Israel in 3Q09 in second place at 29 percent.
•NORTH AMERICA: North America accounted for 67 percent of the total, raising USD $1.1 billion in 73 disclosed rounds, up 8 percent from 2Q09 and down 42 percent from 3Q08. As the most significant region for VC investment, the sector trends broadly match those described globally. The region accounted for the four largest venture deals (Solyndra, Tesla Motors, SolFocus and Serious Materials) as well as the largest IPO (A123 Systems). California led the way, with $655 million (61 percent total share) in investment, followed by Colorado ($47 million, 4 percent).•EUROPE AND ISRAEL: Europe and Israel received 29 percent of the total, raising USD $457 million in 53 disclosed rounds, up 61 percent from 2Q09 yet down 42 percent from 3Q08. Energy generation ($246 million, 21 deals) received the most investment, followed by vehicles ($51 million, three deals). The largest deal was Norwegian electric car maker Think Global, which emerged from bankruptcy and announced a $47 million round, part of which had been announced in Q209. There were also large deals for Irish bio-energy company Imperative Energy, which raised $43 million, and UK-based fuel cell company Intelligent Energy, which raised $30 million. The UK led with $125 million in 17 deals, with France in second position with $72 million in 10 deals.•CHINA: China received 3 percent of the total VC investment, raising USD $41.8 million in three clean technology VC deals: Nobao Renewable Energy attracted USD $25 million from Tsing Capital to develop geothermal heating and cooling technology; Nanjing City Control Information Technology raised USD $14.6 million to develop smart transportation control systems; and thin film solar and building integrated photovoltaic company Wuhan Rixin Technology attracted USD $2.2 million. Four private equity deals were tracked, totaling USD $886 million. Three M&A deals were tracked totaling more than USD $146 million. Two of the deals involved solar companies and one involved waste to energy companies.•INDIA: Indian cleantech companies raised USD $21.5 million in five investment rounds (of which one deal amount was not disclosed). The amount invested in 3Q09 was significantly lower than the previous quarter (USD $134 million) and 3Q08 (USD $185 million). Five M&A deals were tracked with a total value of USD $142 million (of which two deals amount were not disclosed). Energy generation attracted most interest and in particular the wind sector. Companies involved in M&A deals this quarter were Schneider Electric India, Techno Electric & Engineering, Chloride Group, Luminous Power Technologies and IDFC Private Equity. Mumbai-based Euro Multivision had an IPO in September in to raise capital and consolidate its solar photovoltaic manufacturing unit in Gujarat. Chennai-based industrial water solution provider VA Tech Wabag announced plans to raise USD $100 million via an IPO next year.
TOP INVESTORS 3Q09 Most Active Cleantech Venture Funds Venture Capital Firm # of rounds Companies Intel Capital 6 Ozmo Devices, Powervation, CPower, Grid Net, iControl Networks, Convey Computer Corporation Kleiner Perkins Caufield & Byers 5 Amyris Biotechnologies, Applied Process Technology, Hara Environmental and Energy Management, iControl Networks, Solasta New Enterprise Associates 4 Glacier Bay, Liquidia Technologies, RT Outsourcing Services, SolFocus Braemar Energy Ventures 4 General Fusion, Grid Net, Convey Computer Corporation, Solicore
Source: Cleantech Group (cleantech.com)Key takeaways reviewed in webinar next weekThe Cleantech Group and Deloitte will review key findings of their 3Q09 data in a live webinar on October 6, 2009 at 11AM EST / 8AM PST / 16:00 GMT, exclusively for members of the Cleantech Group’s Cleantech Network. Network members may join the live meeting at http://cleantech.acrobat.com/research/ a few minutes before the event, and will need their email address and Cleantech Network password to log in. Members unsure of their passwords can contact Cleantech Group at +1 810-224-4310 x.7151 or can retrieve their password at http://cleantech.com/memberpassword.cfm.
This press release is not a research report and nothing herein is intended to be nor should be construed as investment advice. Neither Cleantech Group, LLC nor Deloitte recommends that any financial product should be bought, sold or held by any individual or entity, and nothing in this press release should be construed as an offer, or the solicitation of an offer, to buy or sell securities by Cleantech Group, LLC or Deloitte. Investors should not make any investment decision without consulting a fully qualified financial adviser.
About the Cleantech Group, LLCThe Cleantech Group pioneered the clean technology investment category in 2002. Today, it accelerates the development and market adoption of clean technologies globally. The company’s worldwide network of investors, entrepreneurs, enterprises, service providers and others—representing trillions of dollars in assets—receives access to capital, investment deal flow, networking, market leading research and data, sales leads and promotional opportunities. The Cleantech Group also provides advisory services for large corporations and governments, publishes leading cleantech sector industry news coverage and produces the premier Cleantech Forum® events worldwide. Details are available at http://www.cleantech.com.
About DeloitteAs used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.News & Stories Published at Clean Energy Stocks Blog.
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Showing posts with label Clean Technology Venture Investment. Show all posts
Showing posts with label Clean Technology Venture Investment. Show all posts
Wednesday, September 30, 2009
Thursday, July 02, 2009
Clean Technology Venture Investment Rebounds in 2Q09 After Two Consecutive Quarterly Declines
Clean Technology Venture Investment Rebounds in 2Q09 After Two Consecutive Quarterly Declines
--$1.2 billion in venture capital invested in clean technology companies, led by electric vehicles and biofuels, while solar investment hits new low
SAN FRANCISCO, July 1, 2009-- The Cleantech Group, founders of the cleantech sector and providers of leading global market research, events and advisory services for the cleantech ecosystem, along with Deloitte, which provides audit, tax, consulting and financial advisory services to cleantech companies, today released preliminary 2Q09 results for clean technology venture investments in North America, Europe, China and India, totaling $1.2 billion across 94 companies.
Cleantech venture investment rebounded in the second quarter, after having declined significantly in 4Q08 and 1Q09, paralleling declines in other investment sectors amid the global economic downturn. The 2Q09 total is up 12 percent from the previous quarter, although down 44 percent from the same period a year ago. The average round size in 2Q09 was $12.9 million, up from $12.3 million 1Q09.
"Cleantech venture investment has rebounded moderately after free-falling for two consecutive quarters," said Brian Fan, senior director of research, Cleantech Group. "We are seeing initial signs of recovery in other cleantech asset classes, including recent activity in solar tax equity, increased M&A levels, as well as billions in government stimulus that are being allocated globally to the cleantech sector over the next several quarters. Additionally, new climate and energy legislation from governments worldwide and the upcoming Copenhagen climate negotiations continue to be strong drivers of investment and innovation."
"While venture investment in solar is down dramatically, utility investment in cleantech is up. Solar thermal was the leading energy source procured through power purchase agreements in the first half of 2009," said Scott Smith, U.S. leader of Deloitte's Cleantech practice. "New investment tax credits are playing a major role in making new solar thermal, solar PV, and wind projects more economically viable for utilities, which are bringing their access to capital to the sector."
BY TECHNOLOGY SECTOR
The leading sector in the quarter was transportation - specifically, vehicles, biofuels and advanced batteries - reflecting attention on the automotive sector and significant government stimulus. Meanwhile, solar saw its lowest level of investment in over three years, with only $114 million invested, down from a high of $1.2 billion invested in 3Q08, as most investors, whose portfolios contain significant solar holdings, did not increase their exposure. The largest transactions in each technology sector were:
- VEHICLES - $236 million
Deals included San Diego startup V-Vehicle's raise of $100 million
to date from Kleiner Perkins Caufield & Byers and T. Boone Pickens
to build a fuel-efficient car in Louisiana, EV manufacturer Fisker
Automotive, which raised $85 million from Eco-Drive Partners and
Kleiner Perkins to fund development and manufacturing of its Karma
plug-in hybrid, Norwegian EV startup Think Global which raised $39
million, and Israel's ETV Motors which raised $12 million from
Quercus Trust to develop an electric powertrain.
- BIOFUELS - $206 million
Deals included agri.capital, a European developer of biogas plants,
which raised $82 million from TCW Group and others and renewable oil
producer Solazyme, which raised $57 million from Braemar Energy
Ventures, Lightspeed Venture Partners and new investor VantagePoint
Venture Partners.
- ADVANCED BATTERIES - $165 million
Deals included lithium-ion startup A123, which raised a $100 million
round led by GE and others, and Deeya Energy, which raised $30
million from Technology Partners and others to develop its redox
flow batteries.
- SOLAR - $114 million
Deals included Indian solar developer Cobol Technologies, which
raised $30 million from Pangea Capital, as well as CSP technology
provider Ausra, which raised $25.5 million from Khosla Ventures and
Kleiner Perkins, among others. Another CSP company, Stirling-engine
dish vendor Infinia, raised $14.1 million in convertible debt, as
part of a $50 million planned raise.
M&As AND IPOs
Clean technology M&A totaled an estimated 138 transactions in 2Q09, of which totals were disclosed for 40 transactions totaling $12.2 billion. This is up 291 percent from 1Q09, which saw 123 M&A transactions, of which 28 were disclosed for a total of $3.1 billion.
Cleantech Group noted two cleantech IPOs in 2Q09: China Metal Recycling began trading on the Hong Kong Futures Exchange, raising $186 million, and Duoyuan Global Water Inc. listed on the NYSE raising $88 million. Another notable transaction was Broadwind Energy's transfer of shares from OTC-BB to the NASDAQ on April 9th.
BY GEOGRAPHY
North America accounted for 66 percent of the total, while Europe and Israel accounted for 21 percent, India for 11 percent, and China for one percent.
- EUROPE: European and Israeli companies raised USD $259 million in 30
disclosed rounds, down 13 percent from 1Q09 and down 17
percent from 2Q08. Energy Generation ($130.5 million, 11
deals) companies received the most investment, followed by
Transportation ($51.0 million, 2 deals). The largest deal was
German biogas plant developer agri.capital which raised $81.7
million and helped Germany ($95.4 million, two deals) gain
the top position in the country rankings in Europe. The UK
was second ($55.4 million, 13 deals), and Norway ($39.0
million, one deal) was third, thanks to Think Global's $39
million round, the second largest deal of the quarter.
- CHINA: There were six cleantech VC deals totaling USD $18 million in
China. Advanced battery technologies raised USD $10 million to
Develop lithium-ion batteries. Hunan Joyfly New Material
attracted USD $4.3 million to develop environmental friendly
materials.
- INDIA: Indian cleantech companies raised USD $131 million in seven
investment rounds (of which one deal amount was not
disclosed), an increase of 167 percent from the previous
quarter and up 161 percent from the same period last year. The
largest deal was a USD $42 million round for Hyderabad-based
Ramky Enviro Engineers which specializes in recycling and
waste. The most active investor was IL&FS (Infrastructure
Leasing and Financial Services Limited) which invested in two
deals. Other investors in the quarter included Blue Run
Ventures, DFJ, Mumbai Angels, New Enterprise Associates (NEA)
and Axis Private Equity.
TOP INVESTORS
2Q09 Most Active Cleantech Venture Funds
Venture Capital Firm # of rounds Companies
Kleiner Perkins Caufield 5 Agnion Energy, Ausra,
& Byers Fisker Automotive,
V-Vehicle, Zettacore
Khosla Ventures 4 Ausra, Cello Energy,
HCL Clean tech,
Transonic Combustion
Braemar Energy Ventures 4 Fulham, Nuventix,
OPX Biotechnologies,
Solazyme
Robeco Alternative 3 AWS Eco Plastics,
Investments EPS Corporation,
Turbine Air Systems
Draper Fisher Jurveston 3 Glycos Biotechnologies,
Deeya Energy, Zettacore
VantagePoint Venture 3 Alertme, Solazyme,
Partners Tendril Networks
Source: Cleantech Group (cleantech.com)
Key takeaways reviewed in webinar next week
The Cleantech Group and Deloitte will review key findings of their 2Q09 data in a live webinar on July 7, 2009 at 11AM EDT / 8AM PDT / 16:00 GMT, exclusively for members of the Cleantech Group's Cleantech Network. Network members may join the live meeting at http://cleantech.acrobat.com/research/ a few minutes before the event, and will need their email address and Cleantech Network password to log in. Members unsure of their passwords can contact Cleantech Group at +1 810-224-4310 x.7151 or can retrieve their password at http://cleantech.com/memberpassword.cfm.
This press release is not a research report and nothing herein is intended to be nor should be construed as investment advice. Neither Cleantech Group, LLC nor Deloitte recommends that any financial product should be bought, sold or held by you, and nothing in this press release should be construed as an offer, or the solicitation of an offer, to buy or sell securities by Cleantech Group, LLC or Deloitte. You should not make any investment decision without consulting a fully qualified financial adviser.
About the Cleantech Group, LLC
The Cleantech Group pioneered the clean technology investment category in 2002. Today, it accelerates the development and market adoption of clean technologies globally. The company's worldwide network of investors, entrepreneurs, enterprises, service providers and others - representing trillions of dollars in assets - receives access to capital, investment deal flow, networking, market leading research and data, sales leads and promotional opportunities. The Cleantech Group also provides advisory services for large corporations and governments, publishes leading cleantech sector industry news coverage and produces the premier Cleantech Forum(R) events worldwide. Details are available at http://www.cleantech.com.
About Deloitte
As used in this document, "Deloitte" means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.
WEB SITE:
http://www.cleantech.com
http://www.deloitte.com/
SOURCE Cleantech Group, LLC http://www.cleantech.com
Published at Investorideas.com Green Investor Content
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--$1.2 billion in venture capital invested in clean technology companies, led by electric vehicles and biofuels, while solar investment hits new low
SAN FRANCISCO, July 1, 2009-- The Cleantech Group, founders of the cleantech sector and providers of leading global market research, events and advisory services for the cleantech ecosystem, along with Deloitte, which provides audit, tax, consulting and financial advisory services to cleantech companies, today released preliminary 2Q09 results for clean technology venture investments in North America, Europe, China and India, totaling $1.2 billion across 94 companies.
Cleantech venture investment rebounded in the second quarter, after having declined significantly in 4Q08 and 1Q09, paralleling declines in other investment sectors amid the global economic downturn. The 2Q09 total is up 12 percent from the previous quarter, although down 44 percent from the same period a year ago. The average round size in 2Q09 was $12.9 million, up from $12.3 million 1Q09.
"Cleantech venture investment has rebounded moderately after free-falling for two consecutive quarters," said Brian Fan, senior director of research, Cleantech Group. "We are seeing initial signs of recovery in other cleantech asset classes, including recent activity in solar tax equity, increased M&A levels, as well as billions in government stimulus that are being allocated globally to the cleantech sector over the next several quarters. Additionally, new climate and energy legislation from governments worldwide and the upcoming Copenhagen climate negotiations continue to be strong drivers of investment and innovation."
"While venture investment in solar is down dramatically, utility investment in cleantech is up. Solar thermal was the leading energy source procured through power purchase agreements in the first half of 2009," said Scott Smith, U.S. leader of Deloitte's Cleantech practice. "New investment tax credits are playing a major role in making new solar thermal, solar PV, and wind projects more economically viable for utilities, which are bringing their access to capital to the sector."
BY TECHNOLOGY SECTOR
The leading sector in the quarter was transportation - specifically, vehicles, biofuels and advanced batteries - reflecting attention on the automotive sector and significant government stimulus. Meanwhile, solar saw its lowest level of investment in over three years, with only $114 million invested, down from a high of $1.2 billion invested in 3Q08, as most investors, whose portfolios contain significant solar holdings, did not increase their exposure. The largest transactions in each technology sector were:
- VEHICLES - $236 million
Deals included San Diego startup V-Vehicle's raise of $100 million
to date from Kleiner Perkins Caufield & Byers and T. Boone Pickens
to build a fuel-efficient car in Louisiana, EV manufacturer Fisker
Automotive, which raised $85 million from Eco-Drive Partners and
Kleiner Perkins to fund development and manufacturing of its Karma
plug-in hybrid, Norwegian EV startup Think Global which raised $39
million, and Israel's ETV Motors which raised $12 million from
Quercus Trust to develop an electric powertrain.
- BIOFUELS - $206 million
Deals included agri.capital, a European developer of biogas plants,
which raised $82 million from TCW Group and others and renewable oil
producer Solazyme, which raised $57 million from Braemar Energy
Ventures, Lightspeed Venture Partners and new investor VantagePoint
Venture Partners.
- ADVANCED BATTERIES - $165 million
Deals included lithium-ion startup A123, which raised a $100 million
round led by GE and others, and Deeya Energy, which raised $30
million from Technology Partners and others to develop its redox
flow batteries.
- SOLAR - $114 million
Deals included Indian solar developer Cobol Technologies, which
raised $30 million from Pangea Capital, as well as CSP technology
provider Ausra, which raised $25.5 million from Khosla Ventures and
Kleiner Perkins, among others. Another CSP company, Stirling-engine
dish vendor Infinia, raised $14.1 million in convertible debt, as
part of a $50 million planned raise.
M&As AND IPOs
Clean technology M&A totaled an estimated 138 transactions in 2Q09, of which totals were disclosed for 40 transactions totaling $12.2 billion. This is up 291 percent from 1Q09, which saw 123 M&A transactions, of which 28 were disclosed for a total of $3.1 billion.
Cleantech Group noted two cleantech IPOs in 2Q09: China Metal Recycling began trading on the Hong Kong Futures Exchange, raising $186 million, and Duoyuan Global Water Inc. listed on the NYSE raising $88 million. Another notable transaction was Broadwind Energy's transfer of shares from OTC-BB to the NASDAQ on April 9th.
BY GEOGRAPHY
North America accounted for 66 percent of the total, while Europe and Israel accounted for 21 percent, India for 11 percent, and China for one percent.
- EUROPE: European and Israeli companies raised USD $259 million in 30
disclosed rounds, down 13 percent from 1Q09 and down 17
percent from 2Q08. Energy Generation ($130.5 million, 11
deals) companies received the most investment, followed by
Transportation ($51.0 million, 2 deals). The largest deal was
German biogas plant developer agri.capital which raised $81.7
million and helped Germany ($95.4 million, two deals) gain
the top position in the country rankings in Europe. The UK
was second ($55.4 million, 13 deals), and Norway ($39.0
million, one deal) was third, thanks to Think Global's $39
million round, the second largest deal of the quarter.
- CHINA: There were six cleantech VC deals totaling USD $18 million in
China. Advanced battery technologies raised USD $10 million to
Develop lithium-ion batteries. Hunan Joyfly New Material
attracted USD $4.3 million to develop environmental friendly
materials.
- INDIA: Indian cleantech companies raised USD $131 million in seven
investment rounds (of which one deal amount was not
disclosed), an increase of 167 percent from the previous
quarter and up 161 percent from the same period last year. The
largest deal was a USD $42 million round for Hyderabad-based
Ramky Enviro Engineers which specializes in recycling and
waste. The most active investor was IL&FS (Infrastructure
Leasing and Financial Services Limited) which invested in two
deals. Other investors in the quarter included Blue Run
Ventures, DFJ, Mumbai Angels, New Enterprise Associates (NEA)
and Axis Private Equity.
TOP INVESTORS
2Q09 Most Active Cleantech Venture Funds
Venture Capital Firm # of rounds Companies
Kleiner Perkins Caufield 5 Agnion Energy, Ausra,
& Byers Fisker Automotive,
V-Vehicle, Zettacore
Khosla Ventures 4 Ausra, Cello Energy,
HCL Clean tech,
Transonic Combustion
Braemar Energy Ventures 4 Fulham, Nuventix,
OPX Biotechnologies,
Solazyme
Robeco Alternative 3 AWS Eco Plastics,
Investments EPS Corporation,
Turbine Air Systems
Draper Fisher Jurveston 3 Glycos Biotechnologies,
Deeya Energy, Zettacore
VantagePoint Venture 3 Alertme, Solazyme,
Partners Tendril Networks
Source: Cleantech Group (cleantech.com)
Key takeaways reviewed in webinar next week
The Cleantech Group and Deloitte will review key findings of their 2Q09 data in a live webinar on July 7, 2009 at 11AM EDT / 8AM PDT / 16:00 GMT, exclusively for members of the Cleantech Group's Cleantech Network. Network members may join the live meeting at http://cleantech.acrobat.com/research/ a few minutes before the event, and will need their email address and Cleantech Network password to log in. Members unsure of their passwords can contact Cleantech Group at +1 810-224-4310 x.7151 or can retrieve their password at http://cleantech.com/memberpassword.cfm.
This press release is not a research report and nothing herein is intended to be nor should be construed as investment advice. Neither Cleantech Group, LLC nor Deloitte recommends that any financial product should be bought, sold or held by you, and nothing in this press release should be construed as an offer, or the solicitation of an offer, to buy or sell securities by Cleantech Group, LLC or Deloitte. You should not make any investment decision without consulting a fully qualified financial adviser.
About the Cleantech Group, LLC
The Cleantech Group pioneered the clean technology investment category in 2002. Today, it accelerates the development and market adoption of clean technologies globally. The company's worldwide network of investors, entrepreneurs, enterprises, service providers and others - representing trillions of dollars in assets - receives access to capital, investment deal flow, networking, market leading research and data, sales leads and promotional opportunities. The Cleantech Group also provides advisory services for large corporations and governments, publishes leading cleantech sector industry news coverage and produces the premier Cleantech Forum(R) events worldwide. Details are available at http://www.cleantech.com.
About Deloitte
As used in this document, "Deloitte" means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.
WEB SITE:
http://www.cleantech.com
http://www.deloitte.com/
SOURCE Cleantech Group, LLC http://www.cleantech.com
Published at Investorideas.com Green Investor Content
The Investorideas.com Global Green Fund and Venture Capital Directory enables green businesses and entrepreneurs to find potential funding sources.
Visitors can review the format and preview the directory at the Renewable Energy Funds and Venture Capital Investing page at Investor Ideas. Learn More:
http://www.renewableenergystocks.com/Companies/RenewableEnergy/Funds-and-Venture-Capital-Investing.asp
Green IPO Watch News Feed: http://www.investorideas.com/RSS/feeds/GreenIPO.xml
About Our Green Investor Portals:
www.RenewableEnergyStocks.com® is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences and a directory of stocks within the renewable energy sector.
Renewable Energy and GreenTech Business and Stock News at Investorideas.com
http://www.investorideas.com/RSS/feeds/RES.xml
Investing in Renewable Energy and Water and the Environment with Investorideas.com Memberships:
Gain Exclusive Members only Restricted Content including the complete renewable energy stocks, environment, fuel cell and water stocks directory .Learn more: http://www.investorideas.com/membership/
Disclaimer: www.InvestorIdeas.com/About/Disclaimer.asp
Tuesday, January 06, 2009
Clean Technology Venture Investment Reaches Record $8.4 Billion in 2008 Despite Credit Crisis and Broadening Recession
Clean Technology Venture Investment Reaches Record $8.4 Billion in 2008 Despite Credit Crisis and Broadening Recession
Even With Diminished 4Q08 Results, Clean Technology Investment Fundamentals Remain Strong
SAN FRANCISCO--January 6 2009 --The Cleantech Group™, founders of the clean technology investment category and providers of leading global market research and other services for the clean technology ecosystem, today announced preliminary 2008 results for clean technology venture investments in North America, Europe, China and India totaling a record $8.4 billion, up 38% from $6.1 billion in 2007. The 2008 total represents the seventh consecutive year of growth in venture investing, widely recognized as a leading indicator of overall investment patterns:
Historical Clean Technology VC Investment By Year – North America, Europe & Israel, China, India 2001 $506,780,774 2002 $883,269,409 2003 $1,258,565,762 2004 $1,398,256,823 2005 $2,077,524,074 2006 $4,520,208,949 2007 $6,087,179,844 2008 (preliminary) $8,414,259,610 Source: Cleantech Group (cleantech.com)
“As expected, clean technology venture investing slowed in 4Q08, but it’s important not to miss the forest for the trees,” said Nicholas Parker, Executive Chairman, Cleantech Group. “In 2008, there was a quantum leap in talent, resources and institutional appetite for clean technologies. Now, more than ever, clean technologies represent the biggest opportunities for job and wealth creation.”
Preliminary results for 4Q08 indicate venture investment commitments worldwide of $1.7 billion across 99 disclosed investments, the smallest quarterly total in 6 quarters. 4Q08 was down 35% from 3Q08, yet down only 4% from 4Q07 despite a much more difficult economy.
The top clean technology sectors in 2008 were solar, biofuels, transportation, and wind. Solar accounted for almost 40% of total clean technology investment dollars in 2008, followed by biofuels at 11%.
“2008 saw solar take a 40% share of clean technology venture investment dollars, led by mega-investment rounds in thin-film solar, concentrated solar thermal and solar service provider companies,” said Brian Fan, Senior Director of Research, Cleantech Group. “Investors also continued to migrate from first-generation ethanol and biodiesel technologies to next-generation biofuels technologies, led by algae and synthetic biology companies. Other sectors with healthy investor interest included smart grid companies, small-scale wind turbines, plastics recycling, green buildings and agriculture technologies.”
Top Venture Capital Clean Technology Sectors in 2008 Technology Sector Amount Invested % of total Solar $3.3 billion 40% Biofuels (including ethanol, biodiesel, synthetic biology, algae) $904 million 11% Transportation (including electric vehicles, advanced batteries, fuel cells) $795 million 9.5% Wind $502 million 6.0% Smart Grid $345 million 4.1% Agriculture $166 million 2.0% Water $148 million 1.8%
Top clean technology funding rounds in 2008 were dominated by US-based solar companies:
Five Largest Clean Technology Rounds in 2008 Company Description Amount Raised NanoSolar (USA) Thin-film solar (CIGS) $300 million Solyndra (USA) Thin-film solar (CIGS) $219 million SoloPower (USA) Thin-film solar (CIGS) $200 million WinWinD Oy (Finland) Wind Turbines $177 million Solar Reserve (USA) Concentrated Solar Thermal $140 million
BY WORLD REGION:
EUROPE AND ISRAEL
European and Israeli companies raised $1.8 billion in 146 disclosed rounds, up 43% from 2007. Europe and Israel accounted for 21% of the global total. The traditionally strong energy generation sector increased its share of total investment to 71% ($1.279 billion) from 56% ($ 703 million) in 2007, with a strong increase in investments in wind ($322.6 million, an increase of 294% from 2007) and solar ($589.3 million, an increase of 64% from 2007) leading the way. Outside of the energy generation sectors, energy efficiency investing led the way, representing 8% ($137.6 million) of the total invested.
The most significant country growth was seen in Germany ($383 million invested, an increase of 217% from 2007) and Israel ($247 million invested, an increase of 224% from 2007), both led by very large solar deals. Germany overtook the UK as the country receiving the most venture capital in 2008, helped significantly by the region’s largest deal of 2008, the $133.7 million investment in Berlin-based solar thin-film manufacturer Sulfurcell Solartechnik. The UK’s decline in total investment ($337.8 million, down 11% from 2007) left it second in the country league table, with Israel moving into third place from sixth in 2007.
CHINA:
In 2008, Chinese cleantech companies raised $430 million in 18 disclosed rounds, up 22% from 2007. China accounted for 5% of the global total.
As expected, 2008 witnessed steady gains in clean technology investment in China. Solar accounted for 60% of the total, reflecting the continuing migration of solar module manufacturing from Europe and the US to China, as well as the opportunity of a large domestic market for solar water heating. Other active sectors include agriculture, lighting, and wind.
The underlying fundamentals driving cleantech investment in China, including government efficiency targets in energy, water and resource utilization, emission reduction targets, government and corporate goals for cleaner supply chains and industrial operations, and corporate social responsibility goals, remain in place.
INDIA:
Indian companies raised $277 million in 14 disclosed rounds, down 20% from 2007. India accounted for 3% of the global total. Although 2008 was down from 2007, new investors including Kleiner Perkins and Garage Technology Ventures, as well as corporate investors such as Applied Materials, entered the India clean technology market.
The clean technology sector in India remains nascent compared to more mature markets such as North America and Europe. Much of the interest has been in addressing the energy shortage challenges faced by the country, therefore, energy generation and infrastructure, with solar and wind deals leading the way, attracted the majority of investment dollars. However, new sectors received capital, such as electronic waste recycling, energy efficiency and water management.
NORTH AMERICA:
In 2008, U.S. companies raised $5.8 billion in 241 disclosed rounds, up 56% from 2007. US companies accounted for 68% of the global total. Canadian companies raised $159 million in 14 disclosed rounds, down 58 percent from 2007.
TOP INVESTORS:
Leading clean technology investors in 2008, as measured by the number of disclosed financing rounds the fund participated in, were:
Full-Year 2008 Top Five Most Active Clean Technology Venture Funds Venture Capital Firm # of rounds Khosla Ventures 21 Kleiner Perkins Caufield & Byers 18 Quercus Trust 16 RockPort Capital Partners 13 Draper Fisher Jurvetson 13 Source: Cleantech Group (cleantech.com)
M&As and IPOs:
For full-year 2008, clean technology M&A totaled an estimated 163 disclosed transactions, totaling $40.4 billion. Top M&A transactions included:
Top 5 Clean Technology M&A Transactions in 2008 Acquiring Company Target Company Amount Type Iberdrola SA Energy East Corp. $4.6 billion Acquisition LBO France Converteam Group SAS $3.1 billion Minority Stake Scottish & Southern Energy Plc. Airtricity Holdings, Ltd. $2.6 billion Acquisition International Power Plc. Trinergy Ltd. $2.5 billion Acquisition Arcapita Honiton Energy Ltd. $2.0 billion Joint Venture Source: Cleantech Group (cleantech.com)
In 2008, clean technology public offerings totaled an estimated $5.1 billion in 16 IPOs.
Top 5 Clean Technology IPOs in 2008 Company IPO Date Amount Raised Exchange EDP Renovaveis, S.A. 6/4/2008 $2.4 billion NYSE Euronext Lisbon American Water Works Company, Inc. 4/23/2008 $1.2 billion NYSE SMA Solar Technology 6/26/2008 $570 million Frankfurt GT Solar, Inc. 7/24/2008 $500 million NASDAQ Energy Recovery, Inc. 7/2/2008 $69 million NASDAQ Source: Cleantech Group (cleantech.com)
The Cleantech Group has issued projections for what the sector may see in 2009. Those predictions are available at http://cleantech.com/about/pressreleases/120408.cfm
Key takeaways reviewed in webinar next week
The Cleantech Group will review key findings of its 4Q08 and full-year 2008 data in a live webinar January 13, 2009 at 11AM EST / 8AM PST / 16:00 GMT, exclusively for members of the Cleantech Group’s Cleantech Network. Members may join the live meeting at http://cleantech.acrobat.com/research/ a few minutes before the event begins, and will need their email address and Cleantech Network password to log in. Members unsure of their passwords can contact Cleantech Group at +1 810-224-4310 x.7151 or can retrieve their password at http://cleantech.com/memberpassword.cfm
Cleantech Forum® XXI San Francisco February 23-25, 2009
Join Cleantech Group’s 21st Cleantech Forum® in San Francisco February 23-25. "Cleantech in 2009: Upside Driver in a Downside Market" will bring together over 800 of the industry's most influential clean technology innovators, investors and policymakers. Visit http://www.cleantech.com/ for information and registration.
About the Cleantech Group, LLC
The Cleantech Group pioneered the clean technology investment category in 2002. Today, it accelerates the development and market adoption of clean technologies globally through membership in the largest global network of investors and companies representing more than $3 trillion in assets. Member investors, growth companies/vendors, enterprises, service providers, and others receive access to capital, investment deal flow, market leading research and data, insight, sales leads, human capital, and promotional opportunities. The Cleantech Group also produces the premier Cleantech Forum events worldwide. Details at http://www.cleantech.com/.
Contacts Cleantech Group, LLCZakiya Johnson, (+1 415) 684-1020 x6610zakiya.johnson@cleantech.comWEB SITE: http://www.cleantech.com/
Even With Diminished 4Q08 Results, Clean Technology Investment Fundamentals Remain Strong
SAN FRANCISCO--January 6 2009 --The Cleantech Group™, founders of the clean technology investment category and providers of leading global market research and other services for the clean technology ecosystem, today announced preliminary 2008 results for clean technology venture investments in North America, Europe, China and India totaling a record $8.4 billion, up 38% from $6.1 billion in 2007. The 2008 total represents the seventh consecutive year of growth in venture investing, widely recognized as a leading indicator of overall investment patterns:
Historical Clean Technology VC Investment By Year – North America, Europe & Israel, China, India 2001 $506,780,774 2002 $883,269,409 2003 $1,258,565,762 2004 $1,398,256,823 2005 $2,077,524,074 2006 $4,520,208,949 2007 $6,087,179,844 2008 (preliminary) $8,414,259,610 Source: Cleantech Group (cleantech.com)
“As expected, clean technology venture investing slowed in 4Q08, but it’s important not to miss the forest for the trees,” said Nicholas Parker, Executive Chairman, Cleantech Group. “In 2008, there was a quantum leap in talent, resources and institutional appetite for clean technologies. Now, more than ever, clean technologies represent the biggest opportunities for job and wealth creation.”
Preliminary results for 4Q08 indicate venture investment commitments worldwide of $1.7 billion across 99 disclosed investments, the smallest quarterly total in 6 quarters. 4Q08 was down 35% from 3Q08, yet down only 4% from 4Q07 despite a much more difficult economy.
The top clean technology sectors in 2008 were solar, biofuels, transportation, and wind. Solar accounted for almost 40% of total clean technology investment dollars in 2008, followed by biofuels at 11%.
“2008 saw solar take a 40% share of clean technology venture investment dollars, led by mega-investment rounds in thin-film solar, concentrated solar thermal and solar service provider companies,” said Brian Fan, Senior Director of Research, Cleantech Group. “Investors also continued to migrate from first-generation ethanol and biodiesel technologies to next-generation biofuels technologies, led by algae and synthetic biology companies. Other sectors with healthy investor interest included smart grid companies, small-scale wind turbines, plastics recycling, green buildings and agriculture technologies.”
Top Venture Capital Clean Technology Sectors in 2008 Technology Sector Amount Invested % of total Solar $3.3 billion 40% Biofuels (including ethanol, biodiesel, synthetic biology, algae) $904 million 11% Transportation (including electric vehicles, advanced batteries, fuel cells) $795 million 9.5% Wind $502 million 6.0% Smart Grid $345 million 4.1% Agriculture $166 million 2.0% Water $148 million 1.8%
Top clean technology funding rounds in 2008 were dominated by US-based solar companies:
Five Largest Clean Technology Rounds in 2008 Company Description Amount Raised NanoSolar (USA) Thin-film solar (CIGS) $300 million Solyndra (USA) Thin-film solar (CIGS) $219 million SoloPower (USA) Thin-film solar (CIGS) $200 million WinWinD Oy (Finland) Wind Turbines $177 million Solar Reserve (USA) Concentrated Solar Thermal $140 million
BY WORLD REGION:
EUROPE AND ISRAEL
European and Israeli companies raised $1.8 billion in 146 disclosed rounds, up 43% from 2007. Europe and Israel accounted for 21% of the global total. The traditionally strong energy generation sector increased its share of total investment to 71% ($1.279 billion) from 56% ($ 703 million) in 2007, with a strong increase in investments in wind ($322.6 million, an increase of 294% from 2007) and solar ($589.3 million, an increase of 64% from 2007) leading the way. Outside of the energy generation sectors, energy efficiency investing led the way, representing 8% ($137.6 million) of the total invested.
The most significant country growth was seen in Germany ($383 million invested, an increase of 217% from 2007) and Israel ($247 million invested, an increase of 224% from 2007), both led by very large solar deals. Germany overtook the UK as the country receiving the most venture capital in 2008, helped significantly by the region’s largest deal of 2008, the $133.7 million investment in Berlin-based solar thin-film manufacturer Sulfurcell Solartechnik. The UK’s decline in total investment ($337.8 million, down 11% from 2007) left it second in the country league table, with Israel moving into third place from sixth in 2007.
CHINA:
In 2008, Chinese cleantech companies raised $430 million in 18 disclosed rounds, up 22% from 2007. China accounted for 5% of the global total.
As expected, 2008 witnessed steady gains in clean technology investment in China. Solar accounted for 60% of the total, reflecting the continuing migration of solar module manufacturing from Europe and the US to China, as well as the opportunity of a large domestic market for solar water heating. Other active sectors include agriculture, lighting, and wind.
The underlying fundamentals driving cleantech investment in China, including government efficiency targets in energy, water and resource utilization, emission reduction targets, government and corporate goals for cleaner supply chains and industrial operations, and corporate social responsibility goals, remain in place.
INDIA:
Indian companies raised $277 million in 14 disclosed rounds, down 20% from 2007. India accounted for 3% of the global total. Although 2008 was down from 2007, new investors including Kleiner Perkins and Garage Technology Ventures, as well as corporate investors such as Applied Materials, entered the India clean technology market.
The clean technology sector in India remains nascent compared to more mature markets such as North America and Europe. Much of the interest has been in addressing the energy shortage challenges faced by the country, therefore, energy generation and infrastructure, with solar and wind deals leading the way, attracted the majority of investment dollars. However, new sectors received capital, such as electronic waste recycling, energy efficiency and water management.
NORTH AMERICA:
In 2008, U.S. companies raised $5.8 billion in 241 disclosed rounds, up 56% from 2007. US companies accounted for 68% of the global total. Canadian companies raised $159 million in 14 disclosed rounds, down 58 percent from 2007.
TOP INVESTORS:
Leading clean technology investors in 2008, as measured by the number of disclosed financing rounds the fund participated in, were:
Full-Year 2008 Top Five Most Active Clean Technology Venture Funds Venture Capital Firm # of rounds Khosla Ventures 21 Kleiner Perkins Caufield & Byers 18 Quercus Trust 16 RockPort Capital Partners 13 Draper Fisher Jurvetson 13 Source: Cleantech Group (cleantech.com)
M&As and IPOs:
For full-year 2008, clean technology M&A totaled an estimated 163 disclosed transactions, totaling $40.4 billion. Top M&A transactions included:
Top 5 Clean Technology M&A Transactions in 2008 Acquiring Company Target Company Amount Type Iberdrola SA Energy East Corp. $4.6 billion Acquisition LBO France Converteam Group SAS $3.1 billion Minority Stake Scottish & Southern Energy Plc. Airtricity Holdings, Ltd. $2.6 billion Acquisition International Power Plc. Trinergy Ltd. $2.5 billion Acquisition Arcapita Honiton Energy Ltd. $2.0 billion Joint Venture Source: Cleantech Group (cleantech.com)
In 2008, clean technology public offerings totaled an estimated $5.1 billion in 16 IPOs.
Top 5 Clean Technology IPOs in 2008 Company IPO Date Amount Raised Exchange EDP Renovaveis, S.A. 6/4/2008 $2.4 billion NYSE Euronext Lisbon American Water Works Company, Inc. 4/23/2008 $1.2 billion NYSE SMA Solar Technology 6/26/2008 $570 million Frankfurt GT Solar, Inc. 7/24/2008 $500 million NASDAQ Energy Recovery, Inc. 7/2/2008 $69 million NASDAQ Source: Cleantech Group (cleantech.com)
The Cleantech Group has issued projections for what the sector may see in 2009. Those predictions are available at http://cleantech.com/about/pressreleases/120408.cfm
Key takeaways reviewed in webinar next week
The Cleantech Group will review key findings of its 4Q08 and full-year 2008 data in a live webinar January 13, 2009 at 11AM EST / 8AM PST / 16:00 GMT, exclusively for members of the Cleantech Group’s Cleantech Network. Members may join the live meeting at http://cleantech.acrobat.com/research/ a few minutes before the event begins, and will need their email address and Cleantech Network password to log in. Members unsure of their passwords can contact Cleantech Group at +1 810-224-4310 x.7151 or can retrieve their password at http://cleantech.com/memberpassword.cfm
Cleantech Forum® XXI San Francisco February 23-25, 2009
Join Cleantech Group’s 21st Cleantech Forum® in San Francisco February 23-25. "Cleantech in 2009: Upside Driver in a Downside Market" will bring together over 800 of the industry's most influential clean technology innovators, investors and policymakers. Visit http://www.cleantech.com/ for information and registration.
About the Cleantech Group, LLC
The Cleantech Group pioneered the clean technology investment category in 2002. Today, it accelerates the development and market adoption of clean technologies globally through membership in the largest global network of investors and companies representing more than $3 trillion in assets. Member investors, growth companies/vendors, enterprises, service providers, and others receive access to capital, investment deal flow, market leading research and data, insight, sales leads, human capital, and promotional opportunities. The Cleantech Group also produces the premier Cleantech Forum events worldwide. Details at http://www.cleantech.com/.
Contacts Cleantech Group, LLCZakiya Johnson, (+1 415) 684-1020 x6610zakiya.johnson@cleantech.comWEB SITE: http://www.cleantech.com/
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