Biotech transforms to clean tech

[Probably] because of the recession and since clean tech investments are still sizzling hot these days, Oncolin Therapeutics is having a big makeover from being a drug development company to becoming a renewable energy producer through its subsidiary New EnerSource.

Oncolin Therapeutics recently ditched 75% of its ownership in its biotech subsidiary Intertech Bio as the company does not have enough green dough to fund an early stage biotech company.

“This move will also allow Intertech Bio to be classified as a private entity and pursue grants and also traditional venture capital of which it has already identified several potential sources of capital.” – Oncolin Therapeutics

The company announced today that it will instead focus on acquiring and developing assets associated with mature renewable energy projects such as wind and solar developments as well as traditional energy resources such as oil and gas assets in order to obtain revenues in the near term.

“Renewable energy will be a major focus for America for the foreseeable future as it tries to gain energy independence and the U.S. government has made it a priority to develop these renewable energy sources by committing approximately $20 billion to this sector as part of the new Stimulus Package. In addition, with the recent significant drop in oil & gas prices the company will also evaluate acquiring traditional oil & gas assets that are revenue producing.”

With investment funding tight these days, looks like the biotech industry is losing ground to clean tech. According to New York Times’ Bits blog, investment in life sciences start-ups fell 15% to $8 billion, even though biotech and medical device start-ups were the top investment sector for 2008, accounting for 28% of all venture dollars invested.

Investors, meanwhile, put $4.1 billion into 277 clean-tech start-ups in 2008, 52% more than 2007. Clean tech is said to be the only bright investment spot last year.

I once read a New York Times article on how some scientists from biotech drug companies are jumping ships to renewable and clean tech firms since some of the green tech developments are utilizing the same biotech tools. Unfortunately, I had a hard time googling that article. Anybody who came across that article and send the link to me, I’m much obliged.

3 Responses to Biotech transforms to clean tech

  1. Sherry 9 March, 2009 at 4:56 pm #

    There could be no better investment in America than to invest in America becoming energy independent! We need to utilize everything in out power to reduce our dependence on foreign oil including using our own natural resources.Create cheap clean energy, new badly needed green jobs and reduce our dependence on foreign oil.The high cost of fuel this past year seriously damaged our economy and society. The cost of fuel effects every facet of consumer goods from production to shipping costs. After a brief reprieve gas is inching back up.OPEC will continue to cut production until they achieve their desired 80-100. per barrel.If all gasoline cars, trucks, and SUV’s instead had plug-in electric drive trainsthe amount of electricity needed to replace gasoline is about equal to the estimated wind energy potential of the state of North Dakota.We have so much avzilable to us such as wind and solar. Let’s spend some of those bail out billions and get busy harnessing this energy. Create cheap clean energy, badly needed new jobs and reduce our dependence on foreign oil. What a win-win situation that would be for our nation at large! There is a really good new book out by Jeff Wilson called The Manhattan Project of 2009 Energy Independence Now.

  2. Robert Nowinski 26 March, 2009 at 8:15 am #

    It will be interesting to see if other Biotech companies move to clean tech. Time will tell.

  3. Ryan 11 September, 2009 at 10:36 pm #

    I have read so much about OCOL I hope they are still around. It looked like they were heading in the right direction on top of owning 25% of the cancer fighting company. Any new news? Last I heard they had bought a piece of land that may have 3 million gross barrels.

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