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Print Edition StoriesFriday, March 20, 2009
Letter to the Editor
A stimulus for clean tech applies to VC-backed firms
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The Obama administration’s focus on clean energy development and climate change mitigation efforts combined with the recently enacted stimulus package will be a boon to the clean tech sector over the next couple of years. ATV and our portfolio companies are looking closely at how to benefit from the money coming from Washington.
On top of the billions of dollars worth of tax credits and bonds for renewable energy generation assets that are brought on-line, the Department of Energy will be charged with managing tens of billions of dollars in direct grants for clean energy R&D, demonstration projects, scaling of manufacturing and efficiency programs. The scale of funding for the sector is overwhelming and the DOE will be hard pressed to deploy the funds effectively, but many of ATV’s clean tech portfolio companies are well-positioned for funding.
Great Point Energy Inc., Coskata and Calisolar are considering funding for their demonstration plants. AltaRock has been working closely with the Geothermal team at DOE on R&D project funding and advanced technical research. And, Wakonda Technologies Inc. and Solar Junction are evaluating new solar research grant funds.
ATV has been working with the New England Clean Energy Council, the American Council on Renewable Energy (ACORE), the National Venture Capital Association and directly with the White House and Department of Energy leadership to advocate for this funding and to educate the decision makers about the technologies that our portfolio companies are developing.
Government dollars alone, as significant as they will be for the clean tech sector, will not replace private capital, but will serve as an important source of funding during this difficult fund raising period. ATV is advocating on behalf of its portfolio companies to ensure they secure as much of this funding as possible to enable them to continue the important, breakthrough work they are doing.
Andrew Friendly, principal, Advanced Technology Ventures
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