Just under $1.1 billion was invested in 179 emerging cleantech companies in 2002, according to the most recent issue of the CLEANTECH Venture Monitor released today. At 5.1% of overall venture capital activity last year, about 1 in every 20 deals was in the cleantech space, from solar energy to water purification. Cleantech is now the sixth largest venture category.
Ann Arbor, MI - March 21, 2003 - Just under $1.1 billion was invested in 179 emerging cleantech companies in 2002, according to the most recent issue of the CLEANTECH Venture Monitor released today. At 5.1% of overall venture capital activity last year, about 1 in every 20 deals was in the cleantech space, from solar energy to water purification. Cleantech is now the sixth largest venture category. The Monitor can be downloaded at www.cleantechventure.com.
Highlights of 2002 include:
Clean energy ventures received the most dollars at $494 million, or 45%, but received only 33% in the fourth quarter with clean industrial technology companies taking up the slack.
Average deal size declined from $8.1 million in the first quarter to $4.1 million in the final quarter, as investors moved from follow-on financings to backing startups, consistent with venture capital activity in other sectors.
West Coast companies received the most funding at 23% but the North East came in a close second at 22.1%, with a strong fourth quarter showing of 37.6%. Canadian companies secured 14% of total funding.
Most active investor, by number of deals, was Hydro Quebec Capitech, the venture capital arm of the Montreal-based utility. Only one of the top ten investors is based on the West Coast.
Six of the top ten deals were done in the second quarter. Advanced Disposal Services was the year's biggest deal at $52.9 million. VeraSun Energy was the largest deal in the fourth quarter at $17.3 million.
"2002 was a success for the cleantech venture community", says Nicholas Parker, Cleantech Venture Network Chairman, "because more and more new investors are doing cleantech deals, giving entrepreneurs greater access to capital. The range of deals completed shows the potential for cleantech to positively impact virtually every industrial and infrastructure-related sector".
The next Cleantech Venture Forum will be held in San Francisco from April 30th to May 1st 2003. Nearly 200 companies have expressed interest in presenting. Leading professional investors registered to attend include Kleiner Perkins Caufield & Byers, 3i, Advent International, Draper Fisher Jurvetson, Nth Power, and Technology Partners, as well as top corporate backed venturers in the cleantech space such as Eastman Ventures, Hydro Quebec Capitech, RWE, Chrysalix and OPG Ventures.
Publicly launched in July 2002, the Cleantech Venture Network is a market
facilitation service providing venture forums, investment reports, online services to investors and companies,