U.S. solar VC funding topped $132.4 million in 1Q08

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An
Ernst & Young report based on data from Dow Jones VentureOne noted
that investments by U.S.-based venture capitalists in the solar energy
sector reached $132.4 million in 1Q08, a 136 percent increase over the
same period in 2007.

The quarter was noted for the $57 million investment in concentrator solar cell start-up Infinia. The growth in investments was attributed to the continued mandatory renewable portfolio standards (RPS) initiative that has now garnered support from 25 states and the District of Columbia.

Investments in the ‘cleantech’ sector as a whole grew by 18 percent to $571.6 million in Q1 2008, compared to $483.9 million for the same period in 2007.

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