Thursday, July 2, 2009

Clean tech VC investments on the rise

By Jackie Noblett

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Venture capital investment in clean technology and renewable energy rebounded in the second quarter after sharp declines in the previous two quarters, according to a report by The Cleantech Group and Deloitte.

Global cleantech investments totalled $1.2 billion across 94 companies, a 12 percent increase over the first quarter. The increase was driven by interest in alternative vehicles, which grabbed $236 million, and advanced batteries, which received $165 million.

Watertown-based lithium ion battery maker A123 Systems Inc. landed a $100 million investment led by General Electric Co. in April.

The report’s authors say cleantech companies will continue to be buttressed by investments by the federal government and electric power companies to complement venture capital investment.

“New investment tax credits are playing a major role in making new solar thermal, solar PV and wind projects more economically viable for utilities, which are bringing their access to capital to the sector,” said Scott Smith, U.S. leader of Deloitte’s cleantech practice, in a statement.