Blog Post

Greentech Startups Kick Off 2010 With Fund Raising Rush

If the first day back to work in 2010 is an indicator of how greentech investing will look this year, there’s a reason to be bullish. By Monday afternoon we saw three greentech startups file fund raising documents with the SEC, and on Tuesday another greentech startup plans to put out a fund-raising release (which we reported on last week).

Wind turbine maker Nordic Windpower, biofuel maker Solix Biofuels, and PC energy management firm Verdiem, all filed fund raising documents on Monday afternoon. Meanwhile smart thermostat maker EcoFactor plans to release its funding announcement tomorrow, and filed its fund raising documents last Wednesday. Together the four companies have raised close to $25 million and plan to raise collectively a total of over $50 million.

Nordic Windpower, a 5-year-old company that was created to commercialize a 2-blade Swedish wind power technology in the U.S., is looking at the biggest raise so we’ll start with them first. The Berkeley, Calif.-based company is planning to raise a little over $30 million and has already raised just over $12 million.

Previously Nordic has been backed by Goldman Sachs, Khosla Ventures, NEA, Novus Energy Partners, Impax Asset Management, I2BF Venture Capital and Pulsar Energy Capital. And the company received a $16 million federal loan guarantee to build an assembly plant for its two-blade 1 MW wind turbine.

Update: Nordic Windpower released its funding announcement on Tuesday morning and puts the total raised to $38 million led by Khosla Ventures, and including New Enterprise Associates, Novus Energy Partners, and Impax Asset Management.

Next up: Solix Biofuels. The five-year-old algae fuel producer, which was spun out of Colorado State University, amended a previous fund-raising filing today and is now looking to raise an $11 million round of convertible notes and warrants, and has already raised $5 million of that round. Back in 2008, its first outside funding of $10.5 million came from I2BF Venture Capital, Bohemian Investments, Infield Capital, Southern Ute Alternative Energy, (which manages clean power investments for the Southern Ute Indian tribe) and Valero Energy (s VLO), the largest U.S. oil refinery operator.

Last but not least, the two green IT firms EcoFactor and Verdiem. According to the filing, PC energy management firm Verdiem has raised $4.71 million of a $5.93 million round from investors including Kleiner Perkins and Catamount Ventures (full post here). EcoFactor, which makes algorithms to manage smart thermostats, is in the process of raising $4.5 million, and has already raised $2.39 million partly from Claremont Creek Ventures (full post here).

Perhaps startups are taking the opportunity of the new year to file those docs, or are seeing a more friendly landscape in 2010. Either way, it was a big funding day for greentech folks.