Northwest Renewable News

Your Daily Source for Renewable Energy News in Oregon, Washington, Idaho, Montana & Northern California

Venture companies scaled back clean energy investments May 11, 2009

Venture capital investments in clean energy companies were hit hard in the first quarter of 2009 because of the economy, although some energy-related categories continue to attract badly needed funding.

A report on the Wall Street Journal website cites new statistics from Ernst & Young showing that clean-tech venture investments fell from $571 million to $277 million in the first quarter of the year, largely due to ongoing weakness and uncertainty in the economy.

The report notes that in the area of electricity generation, investments dropped off with one noteable exception being $40 million for a solar thermal energy company, while interest in energy efficiency and advanced batteries or other fuel storage technologies had remained strong.

Elsewhere, a report in the Atlanta Business Chronicle notes that energy storage companies saw investments more than double last quarter compared to the first quarter of 2008, while fuel cell companies earned $45 million in investments compared to zero at this time last year.

For battery storage companies, the Chronicle cited a 37 percent investment increase from the beginning of 2008.

Washington Energy Services – http://www.washingtonenergy.com/articles/article/412/venture-companies-scaled-back-clean-energy-investments

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