Highlighting the increased interest in green construction this year, green-building materials company Serious Materials announced on Tuesday that it has raised $60 million in its third round of funding. The round represents one of the largest U.S. venture-capital deals –- and the largest energy-efficiency deal –- in 2009, according to an Ernst & Young analysis based on data from Dow Jones VentureSource.
Investors include Mesirow Financial, which led the round, Enertech Capital, Cheyenne, Saints Capital, New Enterprise Associates, Foundation Capital, Rustic Canyon Partners, Navitas Capital and Staenberg. The Series C round brings Serious Materials’ total capital to more than $120 million. The company said it plans to use the cash to accelerate its growth and complete the development of new products.
It sounds like these new products will likely involve windows. “Windows offer the largest opportunity for improvement – fastest payback and highest energy savings,” CEO Kevin Surface said in a press release, adding that switching every building in the United States to super-insulated and highly efficient windows would cut carbon dioxide emissions by approximately 200 million metric tons annually.
Government policies, notably stimulus dollars, have given the green building industry a boost, with McGraw-Hill Construction projecting that green buildings will represent 20-25 percent of annual new commercial and institutional construction by 2013, from about 10-12 percent today.