Venture capital investment in renewable energy reached an unprecedented level of $3.4 billion in 2007, according to newly released data from Greentech Media Inc.
Greentech Media of Cambridge is an integrated online media company designed to deliver industry content such as research, news or critical networking events.
Investment in solar power led the charge with more than $1.05 billion invested in more than 70 VC financing rounds, the firm said.
Also winning record amounts of renewable energy funding was investment in battery technology at $433.9 million and in the energy efficiency/smart grid sector at $419.1 million, Greentech Media said.
Venture firms continue to invest in biofuels such as cellulosic ethanol and biodiesel, with more than $750 million directed towards these new feedstocks and technologies, Greentech Media said.
"VC investment in renewable energy in 2007 was up 50 percent over the
previous year with more than 220 funding rounds across the entire spectrum of
renewable energy - from solar to batteries to energy efficiency," Eric Wesoff,
senior analyst at Greentech Media, said in a statement. "Investors are looking
for 2008-2010 to be the years of renewable energy exits."
(By Chris Reidy,
Globe staff)
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