Reports

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Venture Capital Funding Quarterly

Alternative Energy • Clean Technology • Energy • Environmental

2008, 2nd Quarter - United States

Published by: VentureDeal

Summary

During the second quarter of 2008, a total of 60 companies received $1.3 billion in new venture capital financing. This represented a 298% increase in funding amounts over the previous quarter and a 67% increase in the number of companies funded.

The significant increases in funding amounts can be attributed to large funding events in the Alternative Energy category. During the quarter, four companies received fundings of at least $100 million or more. Energy companies also showed significant gains in both dollar amounts funded and the number of companies funded.


Funding Activity

Alternative Energy

Alternative Energy companies, which typically include solar, biofuels, wind power, hydrogen and other non-fossil fuel energy developers, continued to receive the lion's share of funding in the clean technology space. 36 companies received a little over $1 billion in venture capital financing, which represented a 257% increase in the number of companies being funded and a 383% increase in the dollar amounts funded over the first quarter of 2008.

Solar energy service provider SunEdison, based in Beltsville, Maryland, raised the largest round, receiving $161 million in a combination of equity and debt to support its operational expansion needs. Another solar service provider, BrightSource Energy, also received a large round of $115 million to expand its service posture.

In the biofuels space, Range Fuels closed on a total of $158 million among two tranches in its series B round. Range Fuels converts biomass into ethanol using what it calls "emerging clean energy technologies."

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