Photo via Epicharmus
Tired of hearing about record lows on Wall Street? I have some happy news.
Cleantech Group reports that venture firms poured a full $2.6 billion into 158 clean tech companies globally during the third quarter of 2008. That’s a 37% increase from last year, and 17% increase over last quarter.
When the financial market seems to be crumbling around us, that shows some serious confidence in the future of clean tech.
So who is doing the investing and what areas of clean tech made out with the booty?The primary contributers were Rockport Capital and Google, followed up by Advanced Technology, Kleiner Perkins Caulfield & Buyers, and Khosla Ventures.
Algae companies, smart grid start-ups, and thin film firms were the big players. Not surprising considering they represent three key areas of new energy – getting off gas, monitoring and conserving energy, and cheaper solar power.
Cleantech Group says this will slow a bit in the coming quarter, though we’ve also heard form industry leaders that there is not a bubble about to burst. Just a possible slow down.
To any degree a slow down is a real bummer when it comes to clean tech and greener energy sources like biofuels and solar. However, they just might be the ticket to pulling us our of this economic fumble.
More on Clean Tech Investing:
Clean Tech Investors Say To Industry There Is No Bubble
Green Tech Investments Have Positive Outlook for 2009
Investment in Solar Cells to Equal Semiconductors by 2010
CleanTech Investments in India Increased by 58% in 2007