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On Monday we noted four greentech firms that had filed fund-raising documents or had made announcements about new financing rounds. But by golly, I’m counting at least five more in my in-box and on my radar screen on Wednesday. Today solar web firm Clean Power Finance and solar material company Innovalight announced funding, electric car maker Coda Automotive reportedly raised funds, solar concentrator Morgan Solar told us it’s just raised funding, and electric motorcycle maker Zero Motorcycles filed documents showing it has secured new capital.
Together the five startups have raised about $63 million. Added to the approximately $50 million from earlier in the week, that brings the total to at least $113 million for the first week of 2010 (and of course the week isn’t over yet). Seems like VCs are really feeling a lot better about 2010. Claremont Creek’s Nat Goldhaber told me during an interview on Tuesday that he felt that the market for finding an exit for greentech firms this year was considerably more friendly than last year.
Here’s the details of the fundings:
Clean Power Finance, which connects residential solar installers and developers online, says it’s raised $6.9 million in a round co-led by Claremont Creek Ventures and Clean Pacific Ventures, and including Sand Hill Angels and investor Gary Kremen. The San Francisco-based company says it will use the funds for more development of its software and to move into other clean power verticals (maybe wind?).
Founded in 2002, Innovalight, a thin-film solar startup developing photovoltaic silicon ink, says it has raised a new round of $18 million from EDB Investments (EDBI) of Singapore, Vertex Venture Holdings, the venture subsidiary of Temasek Holdings, Apax Partners, ARCH Venture Partners, Convexa Capital, Harris & Harris Group, Sevin Rosen Funds and Triton Ventures. Whew. That’s a lot of investors and the company has raised a whole lot of money over the past few years, including $5 million in debt financing, $5 million in equipment lease financing, a $28 million Series C round, and $14 million in its Series A and B rounds. Innovalight says the new funding will be used to “expand the company’s proprietary silicon ink production for customers.”
Coda Automotive, the Santa Monica, Calif.-based electric car startup that aims to launch a China-built sedan this year in California, has just raised $25 million from Aeris Capital. Coda, which spun out of low-speed electric vehicle maker Miles EV in June, has now raised a total of $74 million.
Morgan Solar, a Toronto-based startup developing acrylic solar concentrators, told us today it has raised $8.2 million in its first round of venture-capital funding from Spanish utility Iberdrola, plastics manufacturer Nypro and Turnstone Capital Management, which led the round.
Finally there’s electric motorcycle maker Zero Motorcycles. According to an SEC filing, the Scotts Valley, Calif.-based company has raised just over $5.56 million of a planned $8 million round. Zero Motorcycles, which produces street and dirt bikes costing up to about $10,000, was founded in 2006 (it was named Electricross at the time) and raised $5 million in 2008.