Cleantech venture investments totaled $1.9 billion in 1Q10–up 29% from the previous quarter and up 83% from the same period a year ago.
The funding was spread among 180 companies, according to the Cleantech Group, which compiled the figures. That number outstrips the previous record of 165 deals set in 4Q09. And the figures suggest the sector is continuing to bounce back from the economic downturn that began in 2008.
Utility companies played a significant funding role this quarter committing matching funds to federal grants for smart grid projects. But funding for transportation topped all other categories, led by a $350 million round for the company Better Place, which is building charging infrastructure systems around the world for electric vehicles.
The American Wind Energy Association (AWEA) released its annual figures this week for 2009. Established industry leaders maintained their top positions and US manufacturing continued to grow–albeit at a slower rate than in 2008.
GE Energy (NYSE: GE) remained #1 in US wind turbine sales; NextEra Energy Resources (NYSE: FPL) continued to lead in wind farm ownership; and Xcel Energy (NYSE: XEL) continued to lead utilities in wind power usage. At the same time, however, more companies are now active in each of these areas, showing that the wind energy market is diversifying as it expands.
The report’s section on manufacturing shows that in spite of a slowdown in wind turbine manufacturing, 10 new manufacturing facilities came online in the US last year, 20 were announced, and nine facilities were expanded. The largest category was wind turbine sub-components, such as bearings, electrical components and hydraulic systems. In all, the U.S. wind industry has opened, announced or expanded more 100 facilities in the past three years.
AES Wind Generation, a subsidiary of AES Corporation (NYSE: AES) announced that it has acquired Your Energy Ltd, a United Kingdom (U.K.) based wind power developer. It also signed an agreement to acquire a 51% stake in a wind portfolio held by Polish wind developer 3E. Together the investments add more than 700 megawatts (MW) to AES’s European pipeline representing a $400 million investment to be spread over five years.
AES also announced the completion of more than 200 MW of capacity at three separate wind farms in France, Scotland and Bulgaria. The company said it has a total development pipeline of 6,000 MW across Asia, Europe and North America.
California-based Twin Creeks Technologies announced plans to a solar panel manufacturing facility in Mississippi. The venture-backed company has been operating under the radar since its founding in 2008, and the company still hasn’t said what type of solar cell it will be producing. But the folks in Mississippi are happy regardless. This will be the state’s first solar manufacturing facility, and the company intends to invest $175 million in two phases of construction. Upon completion of the second phase, the plant will have a capacity of 100 MW and support about 500 new jobs.
In other solar startup news, an audit of Solyndra Inc. cast doubt on the company’s financial viability, as it considers an initial public offering (IPO) to raise $300 million. PricewaterhouseCoopers LLP said the company’s negative cash flows, recurring losses and stockholder deficit "raise substantial doubt about its ability to continue as a going concern." (Reuters reporting)
Last year the California-based company received a $535 million U.S. Department of Energy loan guarantee to build a manufacturing facility for its cylindrical-shaped rooftop solar modules. The company is one of the most successful cleantech companies ever in terms of raising funding, with about $970 million in equity financing. But of course that doesn’t guarantee success, and several reports suggest the company has actually been selling it’s systems at below cost in order to gain customers. It’s likely the company will have to scrap IPO plans for this year.
General Electric (NYSE:GE) unveiled a new LED light bulb that is designed to replace a standard 40-watt incandescent bulb. The bulb will go on sale later this year or in early 2011 and will cost between $40 and $50 dollars a piece. That’s pretty expensive until you factor in that the buld uses 70% less energy than a standard bulb and is expected to last for about 17 years. GE says its engineers have worked to improve the light dispersion from the bulb, addressing complaints with earlier versions of LEDs. GE said prototype bulbs currently on display contain components made by North Carolina-based LED company Cree (Nasdaq: CREE), but it did not say whether Cree would contribute to the commercial roll-out later this year.
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