We've discussed before the important role that angels have to play in the cleantech investment sector. The biggest reason is because there can be longer gestation periods for cleantech startups (hard to release an early beta version into the market, as you sometimes can with other tech plays).  Thus, in this sector more than others, angels with more patient approaches than institutional investors can play an important role in bridging the gap between invention and commercialization. So it's very interesting to see mention of this analysis from the Kauffman Foundation which looked broadly at angel investment patterns across all sectors and estimated that overall, angels are earning comparable returns to those of institutional venture capital firms. Even more interesting was their conclusion that, when VCs follow onto angel investments, the results tend to be very binary -- either very good or very bad. Whereas angel-only startups tend to achieve a similar average, but more consistent, return. (Which highlights what I often tell entrepreneurs:  That they need to be very judicious when deciding whether or not to take in venture capital.  When it works, it works well for everyone.  But it certainly isn't the right fit for every good business idea.) So angels should take heart from this analysis and be encouraged to continue to play a more active role in the cleantech sector. Deals from the past few days:

• Expansion Capital Partners has done a follow-on $450k PIPE into portfolio company Biorem.

• Forestry biotech company CellFor has taken in a $24.5mm Series D from "late stage financial investors" and existing investors, bringing the total financing into the loblolly pine optimization company up to $100mm.

• It's project finance, not VC, but it's nevertheless well worth noting this $500mm effort to fund waste heat capture projects, by Denham Capital Management.

Cleantech investors in the news:  Russell Read of CalPERS is big on energy tech...  And Marty Lagod is big on water. Other news and notes:  An update on VCs and green chemistry...  An update on solar rooftop potential...  China's $3B carbon-related fund...  As we've discussed before, the amount of venture investment going into solar is eyebrow-raising...  Amen, Dan -- and for any skeptics out there, inform yourself...  For those tracking the 2008 presidential race with an eye toward potential impacts on environmental policy, here's a very handy chart (note: pdf)...  One wicked fast electric motorcyle (using A123 batteries)...  Finally, I'm still enjoying telling colleagues that the guy who probably could have been the next President has instead decided that he would prefer to have our job -- on that topic, someone needs to explain the concept of "carry" to the AP.