Wednesday, January 7, 2009

Cleantech investment continues

Despite diminished fourth quarter results, venture capital funding continues in the clean technology category, said the Cleantech Group of San Francisco.

During 2008, cleantech venture investments reached a record $8.4 billion despite the credit crisis and broadening recessions. That total accounted for investments in North America, Europe, China, and India.

It was the seventh consecutive year of growth. Nicholas Parker, Cleantech Group executive chairman, remains optimistic despite the financial crunch.

"Now, more than ever, clean technologies represent the biggest opportunities for job and wealth creation," he said. "In 2009, we're going to see a lot of progress in terms of imagining what's possible, and consensus around the need to really take it up a gear."

Cleantech reports solar accounted for $3.3 billion of the cleantech VC investment last year followed by biofuels at $904 million. Transportation (electric vehicles, advanced batteries, fuel cells) was $795 million, and wind accounted for $502 million.

I wonder if the pattern of spending by major oil companies on alternative energy follow the VC distributions. My hunch is that the majors collectively are spending more on biofuels than on solar. Any comments from industry are most welcome.

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2 Comments:

Blogger MartinVan said...

RJA made the comment β€œTo acknowledge the obvious: 2008 was a dreadful period for alternative energy stocks, with the solar space especially hard hit.” That is indeed true but it misses the point about solar stocks. Solar stocks had been artificially inflated due to speculation and not based on the fundamentals of their businesses. This, of course, was the same as all of the other excesses in the market, (housing, oil, minerals and metals, etc...). The current correction is eliminating those excesses and now stock evaluations can again be based on fundamentals. The solar industry still looks fundamentally sound for the foreseeable future.

January 13, 2009 at 11:31 AM  
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