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