The VC partnership, in a press release says it has already used the fund for several investments including Tesla Motors and a ‘stealth solar company.’ We always love the press releases announcing stealthiness. General Partner Ira Ehrenpreis leads the firm’s cleantech investing.
Technology Partners is not a new comer to the cleantech industry. The company previously invested in Imperium Renewables, a biodiesel company which filed for an IPO in May and could raise $345 million in the offering. They have also backed Sensicore, an Ann Arbor-based water management company spun out of the University of Michigan that IBM’s Drew Clark told us is one of the top 5 most promising startups that IBM is working with.
Venture investment in cleantech companies has been booming lately. According to the Dow Jones VentureOne report, in 2006 there were 140 financing rounds for cleantech companies worth $1.28 billion. That was nearly double the size invested in 2005.