Venture investments in cleantech fell 41% in 1Q09, down from the previous
quarter to a total of $1 billion, according to preliminary results
for
activity in North America, Europe, China and India. Investments went to
82 companies, according to figures released by analysts in the
Cleantech Group. Venture investments have now declined for two
consecutive
quarters since peaking at $2.6 billion in 3Q08. The average size of
funding rounds has contracted from $20 million in
3Q08 to $ 12.3 million in 1Q09.
Despite decreased funding, Atlantis Resources Corporation a developer of electricity-generating
tidal current turbines, has completed $14 million in fundraising. New investor, Statkraft–a Norwegian-based generator of renewable
energy–led the investment round, joining existing shareholders,
including Morgan Stanley
(NYSE: MS). Atlantis is currently working on a project to power a
datacentre using tidal current turbines deployed off the coast of
Scotland.
Atlanta, Georgia-based solar startup Suniva and Jacoby Development,
Inc. announced they will collaborate to add solar power to the
redevelopment
of the former Hapeville Ford Plant adjacent to
Hartsfield-Jackson Atlanta International Airport. Plans include a
10-megawatt (MW) of solar power system at the development and the
companies said they are looking for other possible developments. Jacoby
is the developer of Atlantic Station–a massive in-town
redevelopment in Atlanta that has been heralded for its smart growth
design and sustainability measures.
Norwegian solar group Renewable Energy Corporation (REC.OL) announced the startup of production at its new polysilicon plant in Washington State. And then promptly announced a shutdown
just days later. The facility was hoping to ramp up to full production
capacity by 3Q09, but the company said "instability in certain
operating parameters" caused the shutdown. The company said it did not
know how long it would take to "identify corrective actions."
Two of the largest Japanese electronics companies, Toshiba (6502.T) and
Sharp (6753.T), are considering working together in the solar sector.
Toshiba in January announced the creation of a solar division. The
company does not make solar modules, but intends to focus on system
installations. A Toshiba spokeswoman said the company is considering
procuring solar panels from Sharp. In return, Toshiba might supply
distribution systems to Sharp, according to one Japanese newspaper.
The world’s smallest and cheapest car, produced by Tata Motors (NYSE: TTM), is now on sale
in India. The tiny vehicle, with a price tag of equivalent to about
$2,000 is
significantly cheaper than any other entry level vehicle in India. The
vehicle is expected to hugely increase drivership, congestion and fuel
use in
the developing nation. However, the vehicle gets remarkable gas
mileage, according to company
figures that state averages of 52 miles per gallon in the
city and 61 mpg on the highway. An upgraded version of the vehicle is
planned for release in Europe in
2011 at an expected cost of less than $5000. That model is expected to
achieve 67 mpg fuel efficiency. And Tata previously announced plans to
produce an electric version of the Nano in Norway.
On the other end of the spectrum, premium electric carmaker Tesla Motors unveiled its second
vehicle,
a four-door sedan that sells for about $58,000. The company said it has
already taken orders for more than 500 of the vehicles, called the
Model S. Tesla said the car can carry five adult passengers and travel
up to 300 miles per charge. The car has trunk space under both the
front and back hoods, and using a 480V outlet, it can be charged in
only 45 minutes, the company said. Tesla expects to receive a DOE grant
to build an assembly plant for the vehicle in California.
Wind power developer Invenergy Wind announced that GE (NYSE: GE)
will supply 74 wind turbines for a 110
MW expansion of a wind farm
in LaSalle County, Ill. The companies offered no timeline or finanical
details for the expansion
project; however, project development
news from the U.S. wind sector has been all but non-existent over the
last two months. So the release might be a positive indication that
project financing is returning to the industy, which ground to a halt
with the economic downturn. The companies said they expect to take
advantage of the tax provisions in the federal stimulus package passed
in February.
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