Cleantech Group: Solar-based firms raised US$350 million in 33 deals in Q3

October 7, 2011
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Venture capital to the tune of US$350 million in 33 deals was handed out to solar-based firms in the third quarter of 2011, according to the latest roundup by Cleantech Group. Also of note was a reported US$812 million raised by four China-based solar cell/module manufacturers via IPO’s, though the release did not highlight the companies involved.

Cleantech Group noted that CIGS thin-film start-up, HelioVolt, had raised US$85 million from New Enterprise Associates and SK Group in the quarter, while CaliSolar raised US$26 million from undisclosed investors.

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Black Coral Capital, Spring Ventures and other unidentified investors placed a round of funding worth US$50 million with OneRoof Solar, a California-based developer, owner and operator of solar energy generation systems for the residential market.

“While financing remains constrained, it’s great to see growth in venture activity,” said Sheeraz Haji, CEO of Cleantech Group. “Energy Storage emerged as our top sector, indicating continued strong interest in advanced technologies for grid-storage as well as for electric vehicles. Global enterprises continue to investment aggressively into cleantech.”

According to Cleantech Group, VC investments increased 12% compared to US$2.23 billion across 189 deals. In the previous quarter US$1.98 billion was invested across 179 deals.

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