Analysts Ernst & Young have presented their figures for investment in the cleantech industry for the first three quarters of 2008. Venture capital investment in cleantech companies reached a record US$4.6 billion for the period, including data from activity in the U.S., Europe, China and Israel. Data from the U.S. and Europe showed increases in energy generation, making investment in solar energy one of the highest sectors in the region. Total investment following seven rounds of financing amounted to €139 million in the solar sector alone.
“Global venture capital investment in cleantech accelerated in 2008 as a number of companies, particularly in the solar and wind market, entered the capital intensive stage of commercializing new technologies. This increase in activity has been stimulated by a strengthening corporate commitment to tackling climate change,” said Gil Forer, Ernst & Young’s Global Director of Cleantech, IPO and Venture Capital Initiatives. “However as the global financial crisis continues and the time from initial investment to exit gets longer, venture capital investors will likely moderate the pace of investment across all sectors, including cleantech.”