US VC Investment in Cleantech reaches 1.14 Billion in Q1 of 2011

This marks an increase of 54% compared to the year-ago-quarter.

May 2 2011, 10:24am CDT | by Luigi Lugmayr

US VC Investment in Cleantech reaches 1.14 Billion in Q1 of 2011

The United States Venture Capitalists invest heavily into the future of energy. US venture capital investment in cleantech companies increased by 54% to $1.14 billion in Q1 2011 from $743.3 million in Q1 2010, despite a 13% decrease in deals year on year from 79 to 69, according to an Ernst & Young LLP analysis based on data from Dow Jones VentureSource.

"The US cleantech market experienced continuing momentum –- both from a venture capital perspective and among the larger investment community. The second generation of solar companies and larger, later stage rounds dominated VC investor interest in Q1," said Jay Spencer, Ernst & Young LLP's Americas Cleantech Director.

The Energy / Electricity Generation segment, led by strong solar investments, raised $450.3 million through 16 deals in Q1 2011. The solar sub-segment accounted for 39% of the total dollars raised for the quarter with $362.7 million, a 162% gain from Q1 2010. Specifically, MiaSole (image credit), a Northern California manufacturer of copper indium gallium selenide thin-film photovoltaic solar panels, was the largest deal of the quarter. The company raised $106 million in a later-stage round of financing, 24% of total dollars in Q1 2011.

These numbers should raise awareness in the rest of the world that the United States is creating a future where they dominate the alternative energy technologies.

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Luigi Lugmayr
Luigi is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.