Reports

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Venture Capital Funding and M&A Quarterly

Alternative Energy • Clean Technology • Energy • Environmental

2008, 1st Quarter - United States

Published by: VentureDeal

Sponsor: GVA Kidder Mathews

Summary

During the quarter, the four reviewed industries received a total of $435 million in venture capital funding, which was $64 million less than the previous quarter and represented a 13% decline in total funding.

Alternative Energy sector companies received the lion's share of funding as in the previous quarter, receiving $269 million in new financing. Energy companies registered the largest percentage decline in funding, dropping 64% in dollar amounts funded.

M&A activity was nonexistent during the quarter, which given the fact that the previous quarter saw only one M&A transaction, did not represent a significant change from the trend line. This is not surprising, given the recent rebirth of the Alternative Energy and Clean Tech sectors. Many of the companies that have been developing technologies and they market dynamics they are selling into are still too new or unproven to warrant significant M&A activity.


Funding Activity

Alternative Energy

In the Alternative Energy sector, the largest funding event was for biofuel company GreenFuel Technologies, which received $92 million from investors. The company is run by Ethernet inventor Robert Metcalfe and is developing algae bioreactor systems that can convert flu gases into clean, renewable biofuels. The other biofuels company that received funding in the quarter was Coskata, which received $19.5 million in its series B round funded by Globespan Capital Partners, Khosla Ventures, Great Point Partners, Advanced Technology Ventures and General Motors Corp.

The greatest concentration of companies to receive funding by sub-sector were Solar companies, with six companies receiving a total of $116.7 million. Notably, most of these fundings were for early stage rounds – series A or B. Of this group, Infinia Corporation received the largest amount, a $50 million series B round.

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