Clean Technology Investment in North American Hits Record High

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Industry
Clean Technology Investment in North American Hits Record High
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Oct 28, 2006, 8:48pm

Investment by North American venture capitalists in renewable fuels and other so-called clean technologies hit a record $933 million in the third quarter according to industry group Cleantech Venture Network LLC.

It was the ninth consecutive quarter of growth, a 10.8 percent rise over the previous quarter, and a 120 percent increase over the same quarter last year according to researchers at the Michigan-based group.

“Year-to-date clean technology investments totaled $2.29 billion, double the $1.1 billion invested in the first three quarters last year,” Cleantech said.

The main clean technology investments were in energy. About $512 million was invested in biofuels, such as ethanol and biodiesel, while $69 million was invested in solar power.

"Investment is heating up with the very high cost of oil and as states take the lead on putting forth mandates on biofuels," said Craig Cuddeback, a spokesman for Cleantech, which seeks to boost investment in the sector.

Many Silicon Valley venture capitalists, such as Vinod Khosla, are funding start-ups in ethanol, which they see as reducing America's addiction to petroleum and lower in emissions.

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