It's been amazing, as a long-time follower of energy policy and politics, to see just how central energy tech has been in the convention out in Denver. If you weren't watching C-Span, you likely didn't get to see it (the cable news networks seem to prefer showing us their own hired analysts instead of the speeches they're supposedly there to cover), but on Tuesday for example there were speeches by several governors specifically on energy policy issues, a "town hall" panel on the same topic, and even a speech from a cleantech VC, Nancy Floyd of Nth Power. Most Americans may not have gotten to see much of that thanks to the blathering bloviators in the studios, but it was clear that cleantech-related issues are very central right now in the political discourse. We'll see if the same emphasis is made at next week's event, but even if not it's still a bit of a watershed event for cleantech to be so front-and-center...
So yours truly needed to step away from work and extracurriculars like this blog for a while, and it looks like I picked the wrong week to quit sniffing glue. There's been a huge number of deal announcements, especially for a time of year that's traditionally pretty slow.
Deals that came out this week include:
Ho, hum... Another week, another massive solar financing deal being announced or sought. This week it's $300mm into Nanosolar from back in March, with the financing provided by AES, EDF, Riverstone Partners, Lone Pine Capital, the Skoll Foundation, the Omidyar Network, GLG Partners, Beck Energy, Grazia Equity, and others. Not a lot of VC firms in the round, pointing out once again how these types of financings may not be classically what we would consider venture capital. Oh, and today came word of AVA Solar's $104mm round of financing, led by DCM and also including Technology Partners, GLG Partners, Bohemian Companies and Invus. This, of course, follows news from the last couple of weeks that Solyndra is also looking to raise a big round of financing...
Drinking water treatment company MIOX has raised a $19mm Series C led by DCM. Existing investors Sierra Ventures and Flywheel Ventures also participated in the round.
Algal biofuel effort Solazyme has raised a $45.4mm Series C including $6.4mm in convertible securities. New backers Braemar and Lightspeed joined existing investors The Roda Group and Harris & Harris.
Here's a nominee for best quote of the year: "Five [million dollars] is not a round," according to Segway CFO Brian Cohen, in discussing the company's recent unannounced $5mm Series D investment from an unnamed strategic investor. VentureWire had the details on Monday the 18th...
Geothermal tech startup AltaRock has raised a $26.25mm Series B, led by existing investors Kleiner Perkins and Khosla Ventures, alongside new investors ATV, Vulcan Ventures, and Google.org. Google.org also put $4mm into Potter Drilling recently.
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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