Reports

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Clean Technology

Clean Technology deal volume continued its previous upward trend by showing a 287% increase to $69 million in total funding among only six companies.

The majority of funding volume went to Powerspan, which received $50 million in its series D round of venture capital financing. Powerspan said it would use the funding to begin to commercially deploy its carbon dioxide capture technology for coal fired power plants.

Also in the same space of minimizing pollution from coal-fired power plants, CoaLogix secured $11.5 million to establish manufacturing and R&D facilities for its technologies. Its subsidiaries provide selective catalytic reduction systems to reduce nitrogen oxide emissions from processing coal.

At the series A stage, AquaGenesis garnered an undisclosed amount of funding. The company is adapting industrial sector high purity water technologies for residential, commercial and food and beverage applications.

Energy

Venture-backed Energy company fundings increased dramatically by by 51% compared to the previous quarter. The number of companies funded also increased 88%, from 8 in the previous quarter to 15 in the current quarter.

Lithium Ion battery company A123Systems raised the largest round during the quarter, securing $69 million from corporate investor General Electric. The company did not say how it would use the funding proceeds, but has recently received a number of high profile contracts for its battery production potential.

Energy management company Powerit secured $6 million from a syndicate of venture capital and strategic investors. Powerit said it would use the funding proceeds to speed up its growth into industrial markets.

Deeya Energy landed $30 million in its series C round of venture capital financing. A large syndicate of well-known venture capital firms provided the funding. Deeya sells energy storage cells for power grid, wind and solar energy grid systems.

Environmental

The environmental sector tallied only one transaction for $2 million for the quarter versus $11 million in the previous quarter, for an 82% decrease in funding amounts. The company that received the funding, Project Frog, says that it "integrates sustainability and customization into quick to deploy, high performance building environments." Rockport Capital Partners made the investment. The company did not disclose how the funding proceeds would be used.

Table 1

Venture Funding Activity – 2nd Quarter 2009


Industry Total
Amount
Funded
% Change
Vs. Prior
Quarter
Number of
Companies
Funded
% Change
vs. Prior
Quarter
Alternative Energy $244 Million - 4 % 16 - 27 %
Clean Technology $69 Million + 287 % 6 + 50 %
Energy $142 Million + 51 % 15 + 88 %
Environmental $2 Million - 82 % 1 - 67% %
Total $457 Million + 20 % 38 + 3 %

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