-----Original Message-----
From: rvan@tnag.net [mailto:rvan@tnag.net]
Sent: Friday, October 08, 2010 2:20 PM
To: Monty Bannerman
Subject: Cleantech Group Finds Global Clean Technology Venture Investment on
Course, Despite a Decline in 3Q10 Investment/PR Newswire
http://www.electroiq.com/index/display/pv-wire-news-display/1274461475.html
Cleantech Group Finds Global Clean Technology Venture Investment on Course,
Despite a Decline in 3Q10 InvestmentPR NewswireOctober 1, 2010 SAN
FRANCISCO, Oct. 1 /PRNewswire/ -- The Cleantech Group(TM), providers of
leading global market research, events and advisory services for the
cleantech industry, today released preliminary 3Q 2010 results for clean
technology venture investments in North America, Europe, China and India,
totaling $1.53 billion across 152 companies.Cleantech venture investment was
down by 30 percent compared to the previous quarter ($2.18 billion) and was
also 11 percent lower than the same period a year ago ($1.71 billion).
However, through the first three quarters of 2010, total investment ($5.73
billion) is already slightly ahead of the full-year 2009 total ($5.69
billion). The number of deals recorded in 3Q10 was 152, a total which will
rise once all investors have completed reporting deals, and is expected to
exceed 2Q10 (when 158 deals were recorded)."After record venture capital
deployment in 1H 2010, a continued low volume of exits and doubts
resurfacing over the strength and sustainability of the global economic
recovery, it is perhaps not surprising that cleantech investment has eased
off on the third quarter," said Sheeraz Haji, President of Cleantech Group.
"Much of this quarter's fall can be attributed to a very notable pull-back
in solar investment compared to earlier in the year, and masks the buoyancy
we are still seeing in sectors such as transportation, biofuels and smart
grid as well as Asia in general. We at the Cleantech Group believe 2010 is
still firmly on course to record the second highest annual volume for
cleantech VC investment ever."Corporations have multi-faceted roles in
cleantech. Any single utility or multi-national could play any or all of the
following roles - investor, partner, customer, acquirer, or competitor. As
such, their activity levels are a key indicator of the health and growth of
the broader market for clean technology products. The strengthening of
corporate commitment to renewable energy and broader cleantech are evident
in the strong growth of multi-national corporate and U.S. utility investment
not only in 3Q10 but also in prior years:Renewable energy Power Purchase
Agreements (PPAs) rose 39 percent quarter over quarter in 3Q10, as utilities
operating in California continued their efforts to meet a 33 percent RPS
target by the end of 2020.PPAs announced by California utilities such as
PG&E and Edison International comprised 87 percent of the total renewable
capacity additions through PPAs announced in 3Q10, as these utilities strive
to meet California's RPS target.3Q10 corporate investments in cleantech were
in line with the average investments in 2008-2009. Investments increased
significantly in 1Q10 and 2Q10, due to some large deals such as the $1.6
billion joint venture between Shell and Cosan in a sustainable biofuels
field, $1.7 billion investment in electric vehicles by Nissan, and $1.1
billion investment in various cleantech segments by General Electric.
General Electric alone accounted for 82 percent of the total 3Q10
investments by corporations, which has been investing heavily in clean
technologies under its Ecomagination initiative which aims at increasing
revenue from green businesses.VENTURE INVESTMENT BY TECHNOLOGY SECTORThe
leading sector in the quarter by amount invested was transportation ($208
million), followed by biofuels ($186 million) and smart grid ($163 million).
Energy efficiency was the most popular sector measured by number of deals,
with 24 funding rounds, ahead of solar (19 deals) and transportation (17
deals). The largest transactions in the top three sectors
were:TRANSPORTATION - $208 million in 17 dealseHi Car Rental, a China-based
car sharing company, raised $70 million in a deal led by Goldman Sachs Group
and also including CDH Ventures, Ignition Partners, and Qiming Venture
Partners; EcoMotors, a Michigan-based developer of an internal combustion
engine with improved efficiency, raised $23.5 million from Khosla Ventures
and Bill Gates; and China-based Anhui ActBlue, a developer of technology to
break down pollutants in the exhaust streams of diesel engines, raised $22
million from Shenzhen Green Pine Capital Partners, IDGVC Partners and
Shenzhen Leaguer Venture Capital.BIOFUELS - $186 million in 9 dealsKior, a
Texas-based developer of a catalytic cracking technology for turning biomass
into bio-crude, revealed that it had raised $110 million from investors
including Khosla Ventures; Solazyme, a California-based developer of
technology for making fuel and bio-products from algae, raised $52 million
in a round led by led by Braemar Energy Ventures and Morgan Stanley and also
including Unilever among others; and SG Biofuels, a California-based
developer of jatropha seeds for biodiesel production, raised $9.4 million
from Flint Hills Resources, and Life Technologies.SMART GRID - $163 million
in 7 dealsTrilliant, a California-based provider of wireless equipment and
management software for smart grid communication networks, raised $106
million from Investor Growth Capital, VantagePoint Venture Partners, ABB and
GE; Nexant, a California-based provider of software and consulting services
for the smart grid, raised $43 million from Oak Investment Partners, Intel
Capital, TeleSoft and Beacon; and eMeter, a California-based developer of
software to enables electric, gas and water utilities to achieve large-scale
smart grid deployments, raised $32 million from Sequoia Capital, Foundation
Capital and Northgate Capital.Also notable was a significant drop in solar
investment. After being the leading sector in 2Q10 ($874 million invested in
25 deals), investment in 3Q10 totaled just $144 million across 18
deals.VENTURE INVESTMENT BY WORLD REGIONNorth America accounted for 61
percent of the total, while Europe and Israel accounted for 25 percent,
China for 10 percent, and India 4 percent.NORTH AMERICA: North American
companies raised $928 million, down 42 percent from 2Q10 and down 15 percent
from the same period a year ago. The total of 70 disclosed rounds was also
down compared to 87 in the previous quarter. The largest deals were for:
Kior ($110 million), a Texas-based developer of a catalytic cracking
technology for turning biomass into bio-crude; Plasco Energy Group ($110
million), a Canada-based developer of waste-to-energy technology, and
Trilliant ($106 million), a California-based provider of wireless equipment
and management software for smart grid communication networks. California
led the way with investment totaling $452 million (49 percent share),
followed by Texas ($126 million, 14 percent) and Ontario ($116 million, 13
percent).EUROPE/ISRAEL: European and Israeli companies raised $382 million,
down 22 percent from 2Q10, and down 28 percent from the same period a year
ago. There were 64 deals, up from 59 in the previous quarter. The largest
deal was for e-Gen, a wind project developer founded in 2009, which raised
$79 million. The UK was top of the country league table, with $187 million
in 25 deals, followed by France, with $77 million in 15 deals.CHINA: Chinese
companies raised $153 million in 11 disclosed rounds. The total amount
invested was larger than any quarter since 2007, while the deal number was a
record. The share of global investment (10 percent) was also higher than any
quarter since 2007. The largest deal was for eHi Car Rental, a
Shanghai-based car sharing company, which raised $70 million in a deal led
by Goldman Sachs Group and also including CDH Ventures, Ignition Partners,
and Qiming Venture Partners.INDIA: Indian companies raised $67 million in 7
disclosed rounds, up from $59 million in 5 rounds in 2Q10. The largest deal
was for UEM Group, a specialist in waste water treatment plants, which
raised $19.3 million from India Value Fund.Also of note were deals for
Japan's Enax, a developer of lithium-ion batteries for the automotive
industry, which raised $41 million from Innovation Network Corporation of
Japan (which includes GE as a founding member) and Korean electric car
company CT&T, which raised $60 million from ELKF Investment Fund.GLOBAL M&As
AND IPOsThere were eight clean technology IPOs during the quarter, totaling
$430 million, down from 22 in 2Q10, totaling $2.31 billion. The largest IPO
was for Ameresco, a Massachusetts-based provider of energy management and
data technology services, which raised $87 million from an offering on the
Nasdaq. Close behind was California's Amyris, a developer of a synthetic
biology platform for the production of fuels and chemicals, which raised $85
million on the same exchange. All the other IPOs during 3Q10 were in Asia,
with five in China (totaling $180 million) and one in India (totaling $78
million).Clean technology M&A totaled an estimated 139 transactions in 3Q10,
of which totals were disclosed for 36 transactions totaling $4.04 billion.
The total number of transactions was down compared to 2Q10, when there were
205 transactions (56 of disclosed value) totaling $5.77 billion. The largest
deal was by U.S. utility Exelon, which acquired John Deere Renewables, the
wind energy subsidiary of engineering firm Deere & Co., for $900 million.
Other notable deals included the acquisition of Green Mountain Energy
Company, a retail provider of clean energy products and services, by
NYSE-listed NRG Energy for $350 million in cash, and Sharp's $305 million
acquisition of US-based solar project developer Recurrent Energy.About the
Cleantech Group, LLCThe Cleantech Group, the leading global research and
advisory firm focused on cleantech innovation, pioneered the clean
technology category in 2002. Today, it helps its clients make critical
business decisions by providing the latest market intelligence through
subscription-based research, custom advisory services, and global networking
events. The company's growing international client base includes global
corporations, investors, entrepreneurs, governments, and service providers.
The company also produces the premier Cleantech ForumR and Focus(TM) events
worldwide, including upcoming events in Amsterdam, San Francisco, New York,
Chicago, and Los Angeles. Details are available at
http://www.cleantech.com.(1) Note that these deals are not included in the
overall investment totals, which only include North America, Europe, China
and India.Nothing herein is intended to be nor should be construed as
investment advice. Cleantech Group, LLC does not recommend that any
financial product should be bought, sold or held by you, and nothing in this
document should be construed as an offer, nor the solicitation of an offer,
to buy or sell securities by Cleantech Group, LLC. You should not make any
investment decision without consulting a fully qualified financial
adviser.WEB SITE: http://www.cleantech.com SOURCE Cleantech Group, LLC
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