Despite a worldwide financial downturn this past few months, venture investments for clean technology in North America, Europe, China and India are said to have reached a record $2.6bn just in the third quarter of 2008 alone, according to the market research and financial service Cleantech Group.
Investments in the past three quarters of 2008 have totaled to $6.6 billion, exceeding the full-year 2007 total of $6.0 billion, the group reported. Major sectors receiving these green backings include smart grid companies, algae companies, and thin-film solar companies.
“Cleantech venture investing has continued to show strong growth despite the unprecedented turmoil in the credit markets during the quarter,” said Michael Goguen, co-chair of the North American advisory board of the Cleantech Group’s Cleantech Network. “In the coming quarters, we could foresee large scale cleantech projects having to work harder to get financed. However, the capital efficient, early-stage companies addressing the inefficiencies of existing markets should see continued venture financings.”
3rd quarter investment in European companies at $742m recorded the highest level for a single quarter, CleanTech said, while in North America, U.S. companies received a record $1.75 billion in 77 financing rounds and Canadian companies received $49 million in six investments.
Chinese companies is said to have raised $111 million in venture capital across seven rounds, with investments in solar companies accounted for more than half of the investments made in China. Indian companies is said to have raised $6.3 million in venture investments across two rounds.
Here are some of the cleantech venture movers and shakers reported in the third quarter: