In the last post, we examined how solar and later-stage investments are really driving the cleantech venture sector these days. Nice of everyone to prove our point with the various deal and fund announcements this past week -- thanks, guys!
PE Week Wire broke the news this week that Ausra has raised approx. $25mm of an ongoing Series C round of financing, with KERN Partners joining existing investors Khosla and Kleiner. I don't remember seeing past announcements of a Series B, so maybe that slipped by unnoticed by the press...
GE Financial Services and Grupo Corporativo Landon are together investing $353mm into Spanish solar project developer Fotowatio. GE Financial Services is putting in $235mm of the total. Together, the two investors will end up owning 49.5% of the company.
Cyrium Technologies, a developer of high-efficiency solar cells for use in concentrator systems, announced a $15mm Series B led by The Quercus Trust, and including existing investors BDC Venture Capital, Chrysalix, and Pangaea Ventures. It's unclear how this relates to their insider round from December, whether that was an extension of the A or a bridge that rolled into this B.
Thermal management vendor Nextreme Thermal raised a $13mm Series B led by Chart Venture Partners, and including In-Q-Tel, RTI, Redshift, Harris & Harris, and Itochu.
Hydrogen sensor company H2Scan announced a $4mm fourth round (Series D?) of financing from new investor TGB Partners and existing investors Chrysalix, H5 Capital, Tri-Strip Associates, Ravinia Venture Fund, and members of the Tech Coast and Pasadena Angels groups.
VentureWire confirmed this week that Rive Technologies has raised a $14mm round of financing led by Nth Power, with participation from existing investors ATV and Charles River Ventures.
With the recent shift to later-stage investing, there's been increasing angst about the seed capital gap in cleantech (we discussed it a while back). More thoughts on the subject here and here.
Rob Day is a Partner with Black Coral Capital, based in Boston. He has been a cleantech private equity investor since 2004, and acts or has served as a Director, Observer and advisory board member to multiple companies in the energy tech and related sectors. Rob was a co-founder of the Renewable Energy Business Network (www.rebn.org), a non-profit organization which was acquired in 2009 by the Clean Economy Network. The views expressed on this blog are those of Rob, not necessarily the views of any of his colleagues and affiliated organizations. Contact Rob at .(JavaScript must be enabled to view this email address).
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