$113 Million Pours in for Cleantech Startups in First Week of 2010
Photo via Green Prophet
It was no secret that investment in clean energy technology slipped during 2009, as nations slogged through a global recession. But there's good news--first, that the decline in investment wasn't as bad as many speculated (only a 6.5% drop), and second, that an impressive $113 million in funding has already been raised for cleantech startups in the first week of 2010. And the week's not even over.Earth2Tech celebrates the news with a piece aptly called Holy New Year Greentech Funding! It reports:
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.Altogether, the funding secured adds up to $63 million. When combined with the $50 million raised for four other green companies earlier in the week (Nordic Windpower, Solix Biofuels, energy management firm Verdiem, and smart thermostat maker EcoFactor) it makes for $113 million raised. In a single week.
So far, it looks like we've got plenty of solar ventures, electric motorcycles, biofuels, energy efficiency management, and smart grid tools earning the confidence of venture capital. And if that's not a good sign for cleantech in 2010, I don't know what is. And it comes on the heels of the news that investment didn't drop as much as many analysts suspected it would--a report from Clean Energy Finance shows that investment in cleantech dropped 6.5%, and that investment in Asia outstripped that in the Americas by a pretty wide margin.
Which is good news nonetheless--it demonstrates that clean energy is resilient, and remains alluring for venture capital.