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Caution in CleantechFour major investors say they are still investing in green technology, but they have set the bar higher
- Cleantech Picks Up in Q3, Thanks to Uncle Sam
Similar to yesterday's report from Greentech Media, the Cleantech Group today issued a third quarter analysis of VC funding nationwide in cleantech. And the results of both were pretty much the same: cleantech investments picked up in the last three months following some dismal activity earlier in the year. The Cleantech Group went so far as to point out that the cleantech category for the first time has overcome biotech and software as the top U.S. venture capital area of investment. Here are links to Cleantech Group's Q3 report http://cleantech.com/about/pressreleases/20090930.cfm and its previous Q2 analysis http://cleantech.com/about/pressreleases/20090701.cfm Before you get all giddy with cleantech euphoria, keep in mind that it's been a tough year for all VC investments, and you should never get too carried away
- VC Investment In Cleantech Climbs - But So Do Others
This is from Greentech Media, which recorded a 56% jump in the number of dollars invested in green tech since second quarter and a 47% jump in the number of deals -- that's $1.9 billion invested in 112 deals for the third quarter ending tomorrow. Top VC investors included NEA, CMEA, Khosla Ventures, Kleiner Perkins and Foundation Capital, although it's worth noting that venture capitalists weren't the biggest contributors to some of Greentech's top deals. Solyndra, for instance, which makes photovoltaic systems for rooftops, got $198 million from Argonaut Private Equity and others and more than double that in a $535 million federal loan guarantee. Synthetic Genomics got a $300 million commitment from Exxon to develop biofuels from algae. Tesla Motors raised $82.5 million from Fjord Capital and Daimler Motors and will also get over five times that -- $465 million -- in federal low-interest loans.
- CMEA Scraps Green Growth Fund
We've written a lot about the cleantech funding void, for VC-backed companies with some sort of manufacturing component (e-vehicles, biofuels, etc). Many of these startups were founded on the assumption of available credit, but fell into a capital hole when the banks began blowing up. This led to the creation of gap-filling “green growth” funds, from firms like Blackstone Group, C Change Capital, CMEA Capital and Kleiner Perkins. Actually, scratch CMEA Capital from that list. San Francisco-based CMEA has canceled plans to raise the $500 million-targeted fund, as first reported this morning by VentureWire. I spoke with CMEA managing general partner Jim Watson, who said that the decision was driven by the recognition that CMEA’s core competency is in early-stage transformative science rather than in later-stage growth financing.
- VC funds still love green, remain cautious
Investment in green companies have slipped in the last nine months following the economic recession and plunge in oil prices
- Rock & A Hard Place: Cleantech Startup Suspends Drilling
Backed by over $30 million in venture capital and a $6.25 million DoE grant, AltaRock Energy has been drilling in Northern California geysers to establish pathways to hot rock, which it wants to inject with water to capture heat that would generate electricity. Yesterday, AltaRock suspended the project, citing "physical difficulties" in the drilling of its first well, "resulting from geologic anomalies particular to the formation underlying this well location." It claims to have not given up, instead saying that it's evaluating other locations for drilling with a reminder that it's filed 20 patents.
- Rock & A Hard Place: Cleantech Startup Suspends Drilling
Backed by over $30 million in venture capital and a $6.25 million DoE grant, AltaRock Energy has been drilling in Northern California geysers to establish pathways to hot rock, which it wants to inject with water to capture heat that would generate electricity. Yesterday, AltaRock suspended the project, citing "physical difficulties" in the drilling of its first well, "resulting from geologic anomalies particular to the formation underlying this well location." It claims to have not given up, instead saying that it's evaluating other locations for drilling with a reminder that it's filed 20 patents.
- Khosla Ventures Announces New Funds, Partners
Khosla Ventures has closed two new funds with more than $1 billion in capital commitments. Khosla Ventures III was targeted at $750 million, and will focus on early and mid-stage venture investments in the cleantech and IT spaces. Khosla Ventures also was targeting $250 million for its first seed-stage fund. The two new partners are: Gideon Yu, former CFO for Facebook, and Jim Kim, previously a senior partner with CMEA Capital (peHUB reported Kim's hiring last month).
Six Quick Questions: Randy KomisarThe Kleiner Perkins General Partner discusses his new book, “Getting to Plan B”
- Think Global Raises $46 Million, Emerges from Court Protection
Think Global AS, a Norwegian electric car maker, has emerged from bankruptcy after restructuring its debt and raising $47 million in new equity capital. New investors include Ener1 Inc. (USA), Valmet Automotive (Finland) and Investinor (Norway), while returnees included Rockport Capital Partners and Kleiner Perkins (which previously held a stake in a US subsidiary which has now been folded into the Norweigen parent). It's unclear if past backers like Element Partners, British Hazel Capital and CG Capital participated. Think Global had previously raised around $85 million.