Rob Day
- Pleased to note Israel Cleantech Ventures’ announcement that they have reached a final close on their first fund at $75mm, above the original target of $60mm. Robeco Private Equity and Piper Jaffray joined other institutional and family fund LPs in backing the group. Good guys over at ICV, so it’s great to see.
In other news: A good column in the Economist on the management challenge facing cleantech, highlighting (albeit not by name) the New England Clean Energy Council’s new Fellowship Program… The X-Prize is expanding into other cleantech areas… Finally, Tesla Motors has a new competitor!
Rob Day
Pleased to point folks to the first of a regular series of columns I’m going to be writing for Mass High Tech, Boston’s leading tech business paper. Should be a good way to share a bit more about what’s going on in this region in particular, as the local cleantech cluster grows quickly. But a little tip to everyone: Be careful when someone else edits a headline for you, the original headline was supposed to be “New England needs more experienced entrepreneurs in cleantech”. A positive call to action to all those experienced entrepreneurs out there to come join us in the sector. It was NOT “New England clean tech needs more experience,” the headline actually used, which could probably be read a number of different, arrogant-sounding ways… Oops. Sorry.
Guess the editor of this column you’re reading right now (me) has been spoiling the author of the column (me) on such things up until now…
Anyways, on with today’s deals and news:
- VentureWire is reporting that new, Midwest-focused cleantech venture firm Clean Wave Ventures is seeking to raise a $100mm first-time fund. They’ll be focusing on Indiana, Michigan and Ohio.
Other news and notes: NPR’s take on the current challenges facing ethanol policy — the striking thing is how the policymakers seem to have honestly been blindsided by all this controversy.
Rob Day
- VentureWire reported that ConsumerPowerline has raised an internal round of financing, but gave no further details on the round.
Other news and notes: Hopefully the A123 IPO (tip of the hat to Richard Baxter for pointing me to the link) will help re-open the exit window for cleantech investors… The East Side/ West Side feud continues — who’s dirtier?… What particularly struck me here was the mention of $250mm in and “still developing its product,” wow… The other foodcrop-based biofuel in trouble — biodiesel… Finally, salmon-safe wine, my new favorite eco-label.
Rob Day
The updates are coming fast and furious on this topic recently…
If you have a chance before it goes to sub-only archives, read the PE Week story on Kleiner’s new growth-stage (for companies, spin-outs, etc. with revenue traction already) cleantech fund, which could end up being over $400mm. According to the article, Al Gore and John Doerr have been doing a roadshow with LPs recently. At least one member of Goldman Sachs’ Special Situations Group has joined the team already. The article also quotes a placement agent who hadn’t heard of this fund but had been approached by another fund lately with a similar idea.
…and the cleantech investment community continues to go bigger and later.
Meanwhile, two deals today to mention:
- According to VentureWire, Verdiem has raised a $12mm Series F, led by new backers NCD Investors, and including participation by all previous backers: Catamount Ventures, Falcon Partners, Kleiner Perkins Caufield & Byers, Phoenix Partners and Westly Group.
Rob Day
Today’s chatter: After our post earlier this month regarding the embiggening of cleantech venture capital firms, Jonathan Shieber at VentureWire today wrote about the ongoing fundraising efforts among cleantech specialist firms. He specifically mentioned expectations that RockPort will soon close a fund at more than $450mm; NGEN Partners seeking to raise a new fund at $500mm; Element Partners seeking $400mm for their second fund; and the Westley Group seeking $100mm for their first cleantech fund. With the exception of the last one, naturally, in all three other cases these would represent significantly larger funds than their previous efforts.
Some deals to mention over the last couple of days:
Other news and notes: Interesting article on Coskata’s technology… Sorry Vinod, here’s the first cleantech Monopoly — at least it wasn’t “Cleantech VC Monopoly”, with game pieces like a pair of khaki slacks, a blue sports coat, and a deep rolodex… Finally, a Did You Know: In 2006, the total installed base peak average power output of photovoltaics worldwide was around 1.21 gigawatts.
Rob Day
While we usually focus on the investment opportunities in cleantech here on this site, today’s a day for getting smart and taking some personal action… Unfortunately, big change isn’t easy — noticed there were just as many cars on the road this morning (including yours truly’s, mea culpa) as any other day.
So, here are a few easy things you can do today:
- If you’re in the Boston area today, join us at the REBN networking event this evening at Boston University, co-sponsored by the BU Energy Club and @Ventures. Take public transportation if you can… Mingle with your colleagues in renewable energy innovation, chat about possible solutions, and then go next door to Fenway to watch the Sox beat up on the Angels.
- Avoid using your printer whenever you can — but when you do print, try to reduce your margin size and save paper (not only to save trees, but also the paper industry is the 2nd largest user of fossil fuels). These kids have taken the idea to Beacon Hill.
It’s also a good day to check in on some of the Cleantech Blogger All-Stars — I’ve been remiss in pointing out their good thoughts in recent posts, simply due to lack of time, not because they’ve been taking a holiday… So time to catch up with:
