(Source: Business Wire)
The Cleantech Group(TM), founders of the cleantech investment category and providers of leading global market research and financial services for the cleantech ecosystem, today announced 3Q08 results for cleantech venture investments in North America, Europe, China and India totaling $2.6 billion across 158 companies, an all-time record quarter. The previous record quarter was 2Q08, which saw $2.2 billion in cleantech venture investments.
The 3Q08 total is a 37 percent increase over the same period a year ago, and 17 percent increase over 2Q08. Cleantech venture investments through 3Q08 now total $6.6 billion, exceeding the full-year 2007 total of $6.0 billion.
"Cleantech venture investing has continued to show strong growth despite the unprecedented turmoil in the credit markets during the quarter," said Michael Goguen, Managing Partner, Sequoia Capital and co-chair of the North American advisory board of the Cleantech Group's Cleantech Network, the largest global network of cleantech investors and companies. "In the coming quarters, we could foresee large scale cleantech projects having to work harder to get financed. However, the capital efficient, early-stage companies addressing the inefficiencies of existing markets should see continued venture financings."
Highlights from the quarter include an all-time high for smart grid companies, algae companies, and thin-film solar companies:
-- SMART GRID: Smart grid companies raised a record $202 million in 3Q08, led by Gridpoint, which raised $120 million, Trilliant at $40 million, BPL Global at $23 million, and Eka Systems at $18.5 million. By comparison, over the past 10 quarters, smart grid companies raised slightly under $30 million per quarter.
-- ALGAE: Following a record 2Q08 which saw $84 million in investments in algae, 3Q08 saw over $95 million in investments. Sapphire Energy raised at least another $50 million while Solazyme raised over $45 million.
-- THIN-FILM SOLAR: Thin-film startups raised a staggering $620 million in investments in 3Q08. CIGS (copper-indium-gallium-selenide) startups raised the most capital, including SoloPower at $200 million, OptiSolar at $78 million, and Miasole at $35 million, while German CIS (copper-indium-sulfide) provider Sulfurcell Solartechnik raised $134 million. AVA Solar, a competitor to First Solar in the cadmium telluride space, raised $104 million, while UK-based G24 Innovations raised $30 million for its flexible organic dye thin film technology.
