Clean Technology deal volume showed a 37% increase to $71 million in total funding among 7 companies. Powerspan Corp. and the Hanger Network secured $50 million and $10 million respectively, which accounted for most of the dollar volume activity during the quarter.
Powerspan is commercializing its carbon dioxide (CO2) capture technology for electric power plants that use coal. This is also referred to in some quarters as "clean coal technology."
With its series B funding of $10 million, the Hanger Network continues to enjoy the support of its existing investors, Sigma Partners, Kodiak Venture Partners and new investor ABS Ventures, who have invested $18 million to date. The company sells EcoHangers, which are shirt hangers that are made from 100% recycled paper instead of plastic, wood or steel.
Venture-backed Energy companies closed the quarter with a solid showing, raising $172 million among 16 startups, an increase of 273% and 60% respectively.
Battery technologies continue to receive support, as evidenced by a $15 million third round of funding for Firefly Energy. Firefly uses carbon graphite foam grid technology to increase the performance and reliability of lead acid batteries. The company has received over $26 million in venture capital funding to date. CFX Battery and Carbon Micro Battery also received funding during the quarter.
WiTricity received follow-on funding in the amount of $4 million from Argonaut Private Equity and Stata Venture Partners. The Belmont, Massachusetts-based company is developing technology to transmit energy wirelessly.
Hyperion Power Generation received funding of an undisclosed amount during the quarter. Hyperion is developing a uranium hydride nuclear reactor, which it says is a safer technology, with no moving parts to break down or corrode. The Altira Group made the investment.
The environmental sector showed only one transaction for the quarter, a $29 million funding round for ECORE International. ECORE takes scrap tire rubber, and finds ways to reuse and recycle the robber and innovative ways. Element Partners made the investment, with Michael DeRosa as lead partner and board member.
Venture Funding Activity – 2nd Quarter 2008
||+ 383 %
||+ 257 %
||+ 37 %
||- 13 %
||+ 273 %
||+ 60 %
||- 43 %
||- 750 %
||+ 298 %
||+ 67 %