Cleantech Continues Its Decline With VCs


For the first quarter of the year, clean investing continued to decline, from a high of $885 million invested in the third quarter of 2007. In the first quarter of 2008, venture capitalists put $625 million into 44 clean technology firms, according the MoneyTree Report from PricewaterhouseCoopers and the National Venture Capital Association.

This represented a 6 percent decline in the dollar level for cleantech companies from the fourth quarter of 2007 (although it was a 51 percent increase from the first quarter for 2007.) The largest deal in the first quarter was a cleantech deal for Range Fuels, with the next-generation ethanol producer capturing $130 million. Additionally, four of the top 10 largest deals in the quarter were for cleantech startups.

Others included a $50 million round for Suniva, a thin-film maker; $4 million for an unidentified ethanol company in Massachusetts; and $50 million for stirling solar company Infinia. All in all, cleantech financing accounted for 8.8 percent of the dollars invested for the quarter and 4.8 percent of the deal flow.

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