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Clean Technology

Clean Technology deal volume sharply reversed its previous upward trend by showing a 76% decrease to $22.5 million in total funding among only four companies. The two major fundings during the quarter were for diesel related technologies.

The main funding event accounting for most of the dollars going into this space was for NxtGen Emission Controls, which received $15.4 million it for its series B round of venture capital financing. NxtGen provides retrofitted diesel emission reduction systems for vehicles. The company said that the funds would be used to commercialize its first products in North America, Asia and Europe.

The other significant funding event during the quarter was for EcoMotors. The $5.25 million series A round will help it in its development of what it calls "next generation diesel engines, with a focus on fuel efficiency, low emissions and cost-effective solutions for developing markets."


Venture-backed Energy company fundings increased dramatically by by 62 % compared to the previous quarter. The number of companies funded also rose 42 %, from 12 the previous quarter to 17 in the current quarter.

Rechargeable thin-film technology company Cymbet Corporation raised $14 million from the Ignite Group and other undisclosed investors. The company manufactures power backup devices such as thin-film batteries for sensor, medical, semiconductor and related electronic applications.

On the international front, Kosmos Energy secured another $53.9 million from Warburg Pincus, which was the largest funding round during the quarter. Kosmos is focused on finding and developing oil reserves in the west African region.

Ice Energy garnered $33 million from Energy Ventures and other undisclosed investors. Ice Energy said it would use the investment to support the "immediate expansion of its development and manufacturing capacity to enable the large-scale deployment of the company's energy storage technology by utilities nationwide."


The environmental sector tallied three transactions totaling $5.5 million for the quarter versus $30 million in the previous quarter, for an 82% decline. Project Frog received $4 million series B financing round from Rockport Capital Partners. The company said it "integrates sustainability and customization into quick-to-deploy, high-performance building environments."

Table 1

Venture Funding Activity – 4th Quarter 2008

Industry Total
% Change
Vs. Prior
Number of
% Change
vs. Prior
Alternative Energy $400 Million - 60 % 32 + 28 %
Clean Technology $22.5 Million - 76 % 4 - 50 %
Energy $223 Million + 62 % 17 + 42 %
Environmental $5.5 Million - 82 % 3 - 25 %
Total $651 Million - 50 % 56 + 14 %

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