Investment in the North American, European and Israeli cleantech sectors rose to $1.25 billion in the first quarter of 2008, according to industry analysts, marking a 42% increase over the same period last year.
1Q08 represents the second consecutive quarterly decline since the record third quarter of 2007, yet is an all-time record for a first quarter period in the cleantech category, according to figures published by the Cleantech Group.
79 investment transactions took place in 1Q08, averaging $15.8 million per round, up 53% from the $10.3 million average a year ago. The increase represents the 4th consecutive quarter of double-digit growth on a year-over-year basis.
On a sequential basis, the $1.25 billion invested in 1Q08 was down 20% from what was a very strong 4Q07,
reflecting possible seasonality in the sector.
Cleantech Group’s data suggests two high profile investment waves have peaked:
- ETHANOL AND WIND (2005-2006): Powered by investments in US ethanol and European wind energy companies, the wave peaked in 3Q06 at $1.52 billion and has steadily declined since.
- THIN FILM SOLAR (2007): Driven by investments in US and European thin-film solar companies, this wave peaked in 3Q07 at $1.83 billion invested, and has since contracted for two consecutive quarters, to $1.56 billion 4Q07 and $1.25 billion in 1Q08. Thin-film technologies accounted for approximately two-thirds of investments in solar, while crystalline technologies accounted for one-third.
Khosla Ventures topped the list of Global Venture investors with 9 deals, including 3 undisclosed deals, for a total of $205 million.
In North America, $873 million was invested in 50 companies, and increase of 35% year-over-year. The top five North American investments by round size were: Range Fuels (Colorado) Thermochemical cellulosic ethanol $100 million, Luminus (Massachusetts) Solid state lighting $72 million, Infinia (Washington) Stirling engines $50 million, Suniva (Georgia) Crystalline silicon solar cell production $50 million, Boston Power (Massachusetts) Li-ion batteries $45 million.
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