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Cleantech Group and GreenOrder merging BioBased Digest 10/2/12
In California, Cleantech Group, a market intelligence and advisory firm focused on innovation, and LRN, a company that helps corporations foster ethical, winning cultures and inspire principled performance in their operations, today announced that they have entered into a definitive agreement to merge Cleantech Group and GreenOrder, formerly a sustainability strategy consulting subsidiary of LRN.
LRN to merge GreenOrder unit with Cleantech Group 10/2/12 New York Business Journal
“Leading enterprises are increasingly trying to understand how sustainability challenges will impact their growth and profitability, and they are looking for innovative technologies and business models to turn those challenges into opportunities,” said Sheeraz Haji, CEO of Cleantech Group and the CEO of the newly formed company. “By joining forces, Cleantech Group and GreenOrder will be uniquely positioned to assist executives in both developing strategies that address sustainability issues, as well as sourcing the innovative technologies, partnerships, and investments that will transform these strategies into reality.”
The Tigard-based company, which has technology to convert waste plastic to synthetic crude oil, was the only Oregon cleantech startup to catch the attention of the panel of experts and researchers who put together the Global Cleantech 100.
LanzaTech and ZeaChem, two of last year’s new entrants in the top 10 among the 50 Hottest Companies in Bioenergy, raise fresh capital as they head for commercialization.
Plus, both are among 15 biobased companies that made this year’s Cleantech 100 list, as selected by the Cleantech Group.
Global Cleantech 100 List Unveiled CleanTechnica 10/3/12
OSIsoft is Named in the 2012 Global Cleantech 100 hearldonline.com 10/2/12
OSIsoft (www.osisoft.com), provider of the PI System and the leader in real-time data infrastructure solutions, today announced it was named in the prestigious 2012 Global Cleantech 100, produced by Cleantech Group, a leading global research and advisory firm focused on innovation in energy and the environment.
Fuel Cell Backup Power Innovator Electro Power Systems Opens Strategic Base in Singapore Fuel Cell Today 10/2/12
Electro Power Systems SpA (EPS) has opened a new, fully owned company in Singapore to better address the growing worldwide market….Electro Power Systems SpA (EPS) has also just been named in the prestigious 2012 Global Cleantech 100 list.
GreenOrder, Cleantech Group announce merger Green Biz.com 10/2/12
In yet another sign of the growing convergence of clean technology and sustainable business, two pioneering service companies have announced a merger. GreenOrder, a 12-year-old consultancy whose clients have included companies such as GE, General Motors, Disney, and HP, and Cleantech Group, one of the earliest companies bringing together investors and start-ups in clean technology, say they have entered into a “definitive agreement” to join forces.
Welcome to the Global Cleantech 100 2012 The Guardian 10/2/12
This year’s Global Cleantech 100 received a 25% increase in nominations – 8,285 in total. The venture by the Cleantech Group, published simultaneously by the Guardian, gives a snapshot of the most significant innovative clean technology companies in the world right now.
Brighter times ahead for cleantech companies The Guardian 10/2/12
As the Cleantech Group launches the 2012 Global Cleantech 100, Richard Youngman looks forward to the next phase of the trend and is confident of its future
“Cleantech”: What’s In a Word? SJF Ventures 9/5/12
‘Cleantech’ as a brand for an investment and entrepreneurial theme was developed more than a decade ago by Nick Parker and Keith Raab with the formation of the Cleantech Group.
Global cleantech investment drops 25 percent from a year ago Silicon Valley Mercury News, Oakland Tribune 07/10/12
Global venture investing in cleantech startups fell sharply in the second quarter to a 2½ year low, with $1.6 billion going to 155 startups, according to the Cleantech Group.
In another sign of the turbulence affecting cleantech, global clean technology venture investment dropped to $1.6 billion in the second quarter, down 14 percent from the previous quarter and 25 percent from the $2.1 billion invested a year ago, according to the San Francisco-based Cleantech Group.
Cleantech VC funding drops by a quarter in Q2 GigaOm 07/10/12
While a significant amount of the generalist venture capitalists have cooled on cleantech, the Cleantech Group noted that some of the firms that have made really large bets on the sector continue to open their wallets. Those firms include Khosla Ventures, NEA, and Kleiner Perkins.
Q2 2012 Cleantech Investment Falls to $1.6B Greentechmedia 07/10/12
Still, Cleantech CEO Sheeraz Haji noted some bright spots, including water, agriculture and resource management, that seem poised for success. “Maybe you don’t want to call it cleantech, but this world of resource efficiency is hot, and it’s going to be huge,” he said in a Tuesday conference call.
Installers on Top in Solar Field Wall Street Journal 06/13/12
“It’s been very difficult for the companies that manufacture solar cells and panels,” says Sheeraz Haji, chief executive of consulting firm Cleantech Group in San Francisco. “But solar is a massive market that will continue to grow quickly and there are many companies doing well.”
New Report Shows Investing in Clean Energy and Energy Efficiency Is a Safe Bet for California Huffington Post 06/04/12
This ten-fold increase in jobs is not surprising; according to data by CleanTech Group i3 platform, California firms recorded a five-fold increase in venture capital investments since passage of AB 32.
Despite the high capital costs and the long-term horizons to exits, energy storage companies have raised $630.5 million in the past 12 months, according to the Cleantech Group’s i3 figures.
Cleantech investment slows but many backers remain hopeful San Jose Mercury News 05/26/12
And the Cleantech Group found that U.S. companies raised $1.3 billion in 113 deals, down 17 percent from the fourth quarter and 36 percent from the first quarter a year ago.
David Lloyd Owen – O brave new world – where gene sequencing might hit the spot. GLobal Water Intelligence 05/12
According to Cleantech group, venture capital investment into water-related enterprises totalled $988 million between 2007 and 2011, equivalent to beween 2.0% and 3.4% of total fundraising in each of those five years.
Israel Invests in Domestic Solar Power Green Prophet 05/25/12
The World Wildlife Fund and the Cleantech Group recently published a report saying that Israel is the second best place in the world to develop green technologies, second only to Denmark. Israel has long been a major exporter of such innovations, a leading developer of water-saving technology, such as its agricultural inventions, and solar power.
Energy Storage Startups Battle Natural Gas, Looking to Asia and Europe AOL Energy 05/15/12
Despite the high capital costs and the long-term horizons to exits, a diverse range of energy storage companies had raised $630.5 million in the past 12 months, according to the Cleantech Group’s i3 figures, which segments the market into consumer-scale electronics and electric vehicles and utility-scale storage and power management systems.
Israel named second-best place in world to develop cleantech Haaretz 05/15/12
The World Wildlife Fund and the Cleantech Group, an environmental consulting company, recently published “Coming Clean: The Global Cleantech Innovation Index 2012,” which ranks nations based on which ones offer the most favorable conditions for cleantech development. The report examined variables such as potential for innovation, scope of capital investments and success in the commercialization of technological developments.
Ford Wows Cleantech Forum My Perfect Automobile 05/11/12
This was the tenth annual Cleantech forum, and turnout for 2012 was larger than expected, featuring some of the most powerful players in the green industry, as well as a stellar list of guest speakers.
Big Oil’s Big in Biofuels Bloomberg BusinessWeek 05/10/12
For Sheeraz Haji, CEO of Cleantech Group, a 10-year-old green technology consulting firm, the industry’s investments represent pragmatism, since oil companies see that long term they won’t be able to meet demand with conventional oil and gas.
NanoH2O Lines up $60.5M For Water Purification Tech Forbes 04/30/12
So while mergers and acquisitions of water technology companies jumped to $12. 7 billion in 2011 from about $900 million in 2010 worldwide, venture capital investments in the field fell to $224 million in 2011 from $272 million in 2010, according to the Cleantech Group.
Green Tech IPOs Get No Love Forbes 04/27/12
Globally, 52 green tech companies went public and raised about $10.15 billion in 2011, down from 96 companies and $16.41 billion in 2010, said the market research firm, Cleantech Group.
And the greentech VC exodus continues GigaOm Earth2Tech 04/27/12
According to the Cleantech Group, DFJ was the most active investor in greentech in the first quarter of this year, with investments in companies including Solar Junction, Intematix, SCIenergy, Shanghai Dajun Technologies, Pentalum Technologies, Oasys Water, ēssess, Aveillant and Jing-Jin Electric (JJE).
Wells Fargo to invest $30B in environmental financing GreenBiz 04/23/12
By comparison, global venture-capital investments in cleantech reached almost $9 billion in 2011, according to the Cleantech Group. Of course, VCs are putting money into new technologies, while banks are betting on projects using more proven technologies.
Chambers of commerce are leading way on clean energy San Francisco Examiner 04/18/12
According to the Cleantech Group, which awarded the designation, San Francisco is now home to 208 clean-tech companies that have raised $12 billion in venture capital over the past five years. These factors make our city the largest and most concentrated clean-tech cluster in the nation — beating out other clean energy hubs such as Austin, Texas; New York; and Los Angeles.
Not surprising: Cleantech VC investments drop in Q1 GigaOm Earth2Tech 04/05/12
Investments by venture capitalists in cleantech startups dropped in the first quarter of 2012 by 31 percent compared to the first quarter of 2011, and 19 percent compared to the fourth quarter of 2011, according to the latest figures from the Cleantech Group.
Cleantech Investing In Israel, The Startup Nation Forbes 03/28/12
According to a new report from the Cleantech Group and WWF, Israel is the second most innovative country worldwide for cleantech. (Denmark ranked first). “Coming Clean: The Cleantech Global Innovation Index 2012” finds that Israel leads the world in creating cleantech companies and has produced a disproportionate number of high-quality firms.
San Francisco named Cleantech Capital of North America San Francisco Sentinel 03/27/12
“Cleantech Group is proud to name San Francisco the ‘Cleantech Capital of North America’ in recognition of the City’s ongoing support for all things clean and green,” said Cleantech Group CEO Sheeraz Haji. “No other city has done more to foster the innovation and deployment of cutting edge clean technologies.”
Green IPO window edges open as clean tech investment climbs businessGreen 3/27/12
The IPO market for green firms looks set to warm up during 2012 following the completion of four major US floatations over the next two weeks, according to the head of the Cleantech Group.Speaking at the consultancy’s annual conference in San Francisco, chief executive Sheeraz Haji predicted……”The numbers are going up. The relative lack of IPO exits is a big driver of that, while we are also seeing more investment coming from corporates.”
Clean tech firms told to “make the future awesome again” businessGreen 3/27/12
Clean tech firms need to find a way to “make the future awesome again”, if they are to secure the public and political support necessary to accelerate the rollout of green technologies.That was the key message for industry executives gathered at the annual Cleantech Forum in San Francisco today, where David Crane, chief executive of NRG Energy, and influential inventor and entrepreneur Dr Saul Griffith, united in calling on clean tech firms to step up marketing efforts and reclaim control of the narrative surrounding green technologies.
Cleantech investing:How the Heck Did We Get Here? Greentech Media 03/08/12
According to the Cleantech Group, from 2005 to 2008 the average size of a first round in the sector more than doubled from $5M to $13M, and the average size of a follow-on round rose from $8M to $26M
CleanTech Group and WWF Name Israel as 2nd Top Cleantech Producer Green Prophet 3/1/12
A recent report compiled by Cleantech Group and the World Wildlife Fund shows that Israel is only behind Denmark in terms of its clean tech prowess. The tiny country beat out Sweden, Finland, the United States and other leading national innovators. Called “Coming Clean: The Global Cleantech Innovation Index 2012,” the report evaluated the top 38 countries investing in clean tech and ranked them according to their the establishment of startups in proportion to their overall financial strength.
UK sneaks into top 10 countries for clean-tech start-ups Business Green 2/29/12
“The global macro-economic landscape is shifting,” said Richard Youngman, Europe and Asia managing director of Cleantech Group. “Fostering entrepreneurial start-ups and growth companies with clean-technology solutions will be an increasingly important part of countries’ competitiveness on the world stage.”
Water Acquisitions Rise: Will Venture Capital Follow? Forbes 2/28/12
“Historically, in water, people did not pay up, but there absolutely have been some good exits and some good multiples in the last year,” Sheeraz Haji, CEO, Cleantech Group said. “There’s been a change in the last year, driven by scarcity and the availability of high-quality businesses upwards of $20 million in revenue.”
Denmark tops the first-of-its-kind Global Cleantech Innovation Index Click Green 2/27/12
Cleantech Group and WWF have today published the inaugural ‘Coming Clean: The Global Cleantech Innovation Index 2012′ report, which looks at where entrepreneurial cleantech companies are growing today, where they will spring-up over the coming years, and which countries are falling above and below the curve for fostering cleantech innovation.
Report: SolarCity plans to soon file for an IPO GigaOm Earth2Tech 02/01/12
First Solar, the industry bellwether, saw its shares plummet more than 70 percent. Investors aren’t likely to feel bullish about any solar IPOs if they don’t see the public companies regain their footings, said Sheeraj Haji, CEO of Cleantech Group, earlier this month.
12 mega cleantech financing coups ZDNet 01/13/12
I love reading the quarterly and annual tracking reports about cleantech investments from the Cleantech Group, because they provide a guidepost for some of the companies and industry sectors that I should follow most closely.
The perils of cleantech investing: KiOR & the long term, high risk view GigaOm Earth2Tech 01/12/12
In 2011, then four-year-old KiOR was one of the few stand-out examples of what could be possible for a cleantech exit. While the IPO market for most cleantech companies was truly “weak” in 2011, as the researchers at the Cleantech Group put it (there were about half the number of cleantech IPOs in 2011 as 2010) KiOR held an IPO in the summer of 2011, which was a blockbuster win for the company’s investors back then on paper.
Investment in Clean Technology Set to Reach Record Levels in 2012 OilPrice.com 01/11/12
The clean-tech sector is primed for a record-setting year of investments in 2012, following robust growth in 2011 despite difficult conditions, according to the Cleantech Group.
Cleantech Venture Investments Up 13% in 2011 — Solar the Leader CleanTechnica 01/10/12
But don’t expect investor interest to wane. The Cleantech Group expects a continued increase in activity this year. “Despite some of the well-publicized headwinds, venture capitalists continue to invest in cleantech. Based on our historical data, we believe 2012 will be an all-time record year for global cleantech investments,” said Sheeraz Haji, CEO of the Cleantech Group, in a statement announcing the figures.
Clean tech investment grows as local firms taste success StartupSmart 01/10/12
According to the company, mergers and acquisitions for clean tech companies reached record highs in 2011, with 391 deals and a dollar volume of $41.2 billion, up 153% from 2010. “We believe 2012 will be an all-time record year for global clean tech investments,” Cleantech Group chief executive Sheeraz Haji told SustainableBusiness.com.
A Return to the Good Old Days? RenewablesBiz 01/09/12
Preliminary results show that cleantech investment returned to levels not seen in three years. And it gets better, as the Cleantech Group said that 2012 may be the best year ever.
Green VC Forecast To Zoom, Despite Headwinds EarthTechling 01/09/12
“While 2011 has been a difficult year for cleantech and venture capital, our 2011 numbers show surging interest in cleantech from global enterprises,” Sheeraz Haji, CEO of Cleantech Group, said in a statement. “Despite some of the well-publicized headwinds, venture capitalists continue to invest in cleantech. Based on our historical data, we believe 2012 will be an all-time record year for global cleantech investments.”
Energy Efficiency in 2012: Forecast Is Mostly Sunny The Energy Collective 1/7/11
Cleantech Group reports that venture capital investments in the clean technology area rose 23% in the third quarter of 2011 relative to the same period in 2010, including 34 energy efficiency deals.
Report: Clean tech investments surged in 2011 USA Today 1/6/11
“Despite some of the well-publicized headwinds, venture capitalists continue to invest in cleantech,” the firm’s CEO, Sheeraz Haji, said in a veiled reference to the bankruptcy of California-based solar manufacturer Solyndra. “Based on our historical data, we believe 2012 will be an all-time-record year for global cleantech investments.”
Green investments rise 13 percent San Francisco Chronicle 1/6/11
Worldwide venture capital investments in solar power, energy efficiency and other green technologies rose 13 percent last year to hit $8.99 billion – the highest level since 2008 – the Cleantech Group research firm said Thursday.
Investors yawned at putting money in the smart grid in 2011 GigaOm Earth2Tech 1/6/11
2011 wasn’t a boom year for venture and corporate investing in smart grid technology companies. According to The Cleantech Group’s latest figures for 2011, in terms of dollar amounts invested, smart grid tech companies saw less backing in 2011 than in previous years.
Energy Efficiency: Cheapest Power Around, but Getting More Expensive Greentechmedia 1/6/11
Energy efficiency has outpaced solar in terms of number of green technology VC investments over the past few quarters, although solar is still taking in more money, according to the Cleantech Group.
Although a Tough Year, Global Cleantech Investments Rise 13% in 2011 Sustainable Business 1/6/11
Even in a tough 2011, with widely publicized headwinds, global venture capital and corporate investments in cleantech companies grew 13% to $8.99 billion, according to the Cleantech Group.
Report: 2011 Cleantech Investment Beat Out 2010 Levels, Set To Continue Rising Solar Industry 1/6/11
“While 2011 has been a difficult year for cleantech and venture capital, our 2011 numbers show surging interest in cleantech from global enterprises,” says Sheeraz Haji, CEO of Cleantech Group.
M&A up, IPOs down in ‘surprising’ year for cleantech Recharge News 1/6/11
Sheeraz Haji, chief executive of the Cleantech Group, which tracks global investment in the sector, says the working title for his fourth quarter 2011 presentation was “Cleantech did not implode”.
While 2011 cleantech investing grew, later stage dominated GigaOm Earth2Tech 1/5/11
However, given not many of these maturing firms have found exits in IPOs or acquisitions yet, expect more of this later stage funding to flow in 2012. The Cleantech Group believes that in terms of overall dollar amounts, “2012 will be an all-time record year for global cleantech investments.”
Far more green technology companies cashed out by being sold to a corporate buyer than via entry to the public markets last year….Cleantech Group CEO Sheeraz Haji said in a Thursday conference call. According to conversations he’s having with corporate execs today, that trend is going to continue in 2012, he said. That’s a good thing, because the IPO window has been “effectively shut for most venture-backed cleantech companies,” Haji said.
Solar Draws Top Investment Dollars in 2011 Renewable Energy World 1/5/11
Venture capital investors put solar on top as the sector that received the most dollars globally in 2011, but a lack of stellar initial public offerings means investors have to pump in more money while waiting for their companies to exit, said Sheeraj Haji, CEO of Cleantech Group, on Thursday.
Cleantech Venture Investment Up 12% From Previous Quarter TechCrunch 10/6/11
“According to the latest from the Cleantech Group, a global research firm tracking innovation in the cleantech sector, venture investment in the industry grew 12% in Q3 2011 ($1.98 billion) compared to the previous quarter, and is up 23% since Q3 2010 ($1.81 billion).”
Cleantech VC trends: Mature companies win out, China IPO bonanza smartplanet 10/6/11
“Cleantech venture capital investments totaled $2.23 billion in the third quarter — a 12 percent increase from the previous period that indicates investors are putting their money back to work, according to a recent report from Cleantech Group.”
Energy Storage Leads Cleantech Investment In Third Quarter Renew Grid 10/6/11
“Energy Storage emerged as our top sector, indicating continued strong interest in advanced technologies for grid storage as well as for electric vehicles,” says Sheeraz Haji, CEO of Cleantech Group.
“Haji said that investor profile had also begun to change. “The investors who are putting money into these deals are big funds such as NEA, Kleiner Perkins Caulfield Byers, Khosla and VantagePoint. And then you also have some non-traditional folks such as TPG, which is an investor in Elevance and then some corporates, such as SK Group, a big Korean company, and Chesapeake, which is a natural gas business.”
Green VC Up, IPOs Hurting in Q3: Cleantech Group Greentech Media 10/5/11
““Despite all the negativity around Solyndra, it appears that people are putting money to work and doing business,” he said. The good news extended to an uptick in early-stage deals, which saw deal count rise to more than 70 for the first time since last year — although the average amount of early-stage deals, at $6.1 million,, was down slightly compared to previous quarters.”
U.S. Green Building Council and Indie Energy Partner for Energy Efficient Buildings Greentech Media 9/30/11
““Cleantech Group’s analysis of the building energy efficiency market suggests that engineering companies, integrators, and capital sources need an open, global system of secure and real-time building data and applications. Indie Energy’s move to provide an open source platform for building data and applications with Energy Apps and its Indie Energy Network is the kind of technology that can help address this need,” said Josh Gould, Director Research & Advisory Services of Cleantech Group.”
What The Solyndra Bankruptcy Means For Clean Tech Investors Forbes 9/23/11
“One big danger, Sheeraz Haji, [CEO of Cleantech Group] says, is that people will generalize about the solar – or even the whole clean tech industry – based on Solyndra’s high-profile failure. “I do worry that people will generalize that all solar is bad, [when] some companies are really performing well,” he says. “And then I worry that some people will generalize and say, ‘Oh, all clean tech is bad.’ There are going to be some companies that fail and some that do really well. Solyndra should not be used as an example across all clean tech.””
“”We look forward to working closely with our new alliance partners in the Cleantech Group. Both of our organizations share similar goals in this arena, and we hope that by combining our efforts, we may both achieve greater success in solving dramatic world problems,” said Mark Anderson, FiRe Chair and SNS CEO.”
Energy Innovation: From a Garage to the Pentagon CNN Money 9/6/11
“Most of the innovation happens at the small-company level,” said Sheeraz Haji, President of the Cleantech Group, a research firm. “With the big companies, it’s harder to start something new. When you’re just starting out, it’s easy to be a disrupter.”
Solar Firms Face Tough Competition as Prices Fall San Francisco Chronicle 9/3/11
“When you have prices going down, it’s really good for downstream solar companies,” said Sheeraz Haji, chief executive officer of the Cleantech Group consulting firm. “It’s really, really good for consumers.”
Partisan Politicking Obscures Growth of Solar Power The Bay Citizen 9/2/11
“Having cheaper panels makes installing solar much, much more affordable,” said Sheeraz Haji, CEO of Cleantech Group
Number of Green Jobs Fails to Live Up to Promises New York Times 8/18/11
“Companies and public policy officials really overestimated how much consumers care about energy efficiency,” said Sheeraz Haji, chief executive of Cleantech Group.
Insight: GM hopes spending on start-ups will make it Cool Reuters 8/16/11
GlobNumber of Green Jobs Fails to Live Up to Promisesal venture capital investment in transportation and energy storage through the first six months of this year is running ahead of the pace in 2010, when investments totaled $1.71 billion, according to consulting firm Cleantech Group.
Venture Capitalists Back Away from Clean Energy technology review 8/11/11
There’s still some funding for solar-cell companies, such as for 1366 Technologies and Alta Devices, that are developing technology that the companies say can compete with fossil fuels. But “it’s a harder place to raise funds for new ventures,” says Sheeraz Haji, CEO of Cleantech Group.
Why green-tech start-ups depend on big business CNET GreenTech 8/4/11
“I don’t think people in these industries will be looking to the government to fund many new programs–it’s all downward pressure from here,” said Sheeraz Haji, the CEO of the Cleantech Group, which does market research on venture capital. “That just increases the importance of corporates.”
Analysis: Young startups demand steeper prices from VCs Reuters 7/8/11
Venture investments in cleantech, for example, totaled $1.83 billion in the second quarter, the Cleantech Group research firm said on Wednesday. That’s down 10 percent from the same time last year.
One of the big drivers [of the drop in cleantech venture funding] is that fundraising for the venture funds themselves has been down and we haven’t seen a big bounce back yet,” said Sheeraz Haji, CEO of Cleantech Group. “Investment by big LPs and pension funds was about 60 billion per year into cleantech funds and that has dipped in half to about 30 billion, which has slowly had its effect. We’re seeing general VC investment numbers bounce back, and now we’ll have to see how funds raise money from the big LPs.
“People are more acutely aware of how long it really does take to get some of these technologies to mature,” said Sheeraz Haji, chief executive of research firm the Cleantech Group.
“The market for intelligent lighting control solutions is growing quickly, and innovators are closing the gap between the desire for energy efficiency and the needs of customers for easy-to-install, cost-effective solutions,” said Josh Gould, Director, Research and Advisory, Cleantech Group.
The i3 Platform: A (Paid) Crunchbase For Green Startups? TechCrunch GreenTech 6/8/11
A research firm focused on clean energy and green innovation, the Cleantech Group, launched its i3 Platform today— and it’s something like a paid Crunchbase, with a dash of Alltop and Gartner, for green tech ventures.
Solazyme’s solid IPO shows investor appetite for tech stocks Silicon Valley Mercury News 5/27/11
Solazyme was the first biofuel company of its kind to test the IPO waters — and the third high-profile tech debut of the past seven days. “I think there’s a lot of appetite in the general market for growth stocks,” said David Cheng, director of research at the Cleantech Group in San Francisco.
Investing in Water REVOLVE 5/23/11
“Investment in water remains low – there is still a long way to go, but there is an upward trend which will continue in the coming years,” Mia Javier, a research analyst at the Cleantech Group, told REVOLVE. She added that interest in water markets has skyrocketed over the past few years, even if venture capital investors remain cautious. “Investors are not dismissing water markets, but it remains a challenge.”
The Water Industry: A Massive Market Bubbles to the Surface Greenbiz.com 5/23/11
“Big companies are driving sustainability, and water is an increasingly important factor,” noted Sheeraz Haji, CEO of The Cleantech Group, a leading provider of cleantech market intelligence.
Digital Lumens Announces Plans for Automated Demand Response Marketwire 5/16/11
“Technology-enabled Demand Response options give end-users better insight into energy use and curtailment options, and empower energy retailers to directly engage customers,” said Josh Gould, Director, Research and Advisory, Cleantech Group.
Investors put $2.57bn into clean tech The National 5/11/11
“The days of everything being small and nimble are over,” Mr Youngman said. “It’s become obvious that the capital investment requires corporates to play … It’s unlikely that they can do that without people who are already incumbent in the industry.”
Khosla Biofuel IPO Draws Doubters MIT Technology Review 5/6/11
Both Amyris and Gevo saw big jumps in their stock prices. “Those are good returns, and that drives the market for more offerings,” says Sheeraz Haji, CEO of market analyst Cleantech Group. “There is a belief that these are huge markets and that these companies are going to do well.”
BrightSource IPO Could Spark Clean-Tech ‘Gold Rush’ NY Times 5/3/11
Cheng also noted that solar thermal has storage capability where solar PV does not, so if BrightSource proves its model to be efficient, that could “validate a sector that can generate liquidity for investors and wealth for entrepreneurs.” “This is a marquee name and a marquee project,” he said. “I think it’s going to do well.”
Cleantech Financing Strategies in the Global Economy The Green Economy Post 5/3/11
“There is huge business being done and deployments being financed in Tianjin, China,” noted Sheeraz Haji. “Capital is not an issue; they just want to get things done quickly.” According to the NRDC, China spent $54B in 2010 alone. Haji believes there is big opportunity there, and noted that some companies are splitting time between their U.S. headquarters and an office in China to open up collaborations.
Total Buys Stake in Solar Firm The Wall Street Journal 4/30/11
With this deal actualizing, hopes are getting higher among the conventional energy players that the solar power will grow quickly from its current small size. “This is a nice validation proof point. It is certainly not a distressed sale”, said Sheeraz Haji, Chief Executive of Cleantech Group LLC.
Morning Take-Out NYtimes.com 4/6/11
Clean Tech Investment Rises 52% in Quarter Venture capitalists worldwide poured $2.57 billion into clean technology investments in the first quarter, according to figures released by the Cleantech Group. The research firm called it “the second-highest quarter ever for cleantech V.C. investment.”
The Weeding Out of Green Finance: Blackstone Calls Off Fund GigaOm 4/6/11
Indeed, green investment has decisively shifted to such late-stage companies, according to recent figures from the Cleantech Group, which found that follow-on rounds accounted for $2.39 billion, or 93 percent of the $2.57 billion in green VC investment in the first quarter of this year.
Venture investment in “clean technology” companies hits high note San Jose Mercury News 4/5/11
Haji suggested the numbers reflect a recognition among later-stage investors that clean technology is here to stay. “It’s encouraging to see some big private equity firms entering the space,” he said, “and continued strength with mergers and acquisitions.”
Powering up: Green tech investment surges Grist 4/5/11
“In the first few months of the new year there have been a rash of large later-stage deals which have propelled 1Q11 to the second highest quarter ever for clean tech VC investment,” Sheeraz Haji, the Cleantech Group’s chief executive, said in a statement. “It’s encouraging to see some big private equity firms entering the space.” So who got the money?
Cleantech venture funding hits $2.57 billion in quarter Reuters 4/5/11
“You’re seeing a much, much larger average deal size, which just indicates a much stronger bias toward later-stage, bigger-check deals,” said Sheeraz Haji, chief executive of San Francisco-based Cleantech, adding that investors are showing less interest in early-stage “pre-product, pre-revenue” companies.
Mass. cleantech venture capital rises in Q1 Boston Business Journal 4/5/11
The Massachusetts cleantech industry raised $119 million in venture capital during the first quarter, up 44 percent from the fourth quarter and the largest amount since the second quarter of 2010, the San Francisco-based Cleantech Group reported Tuesday.
Greentech VC Investing Hit Second Highest Quarter At $2.5B GigaOm Earth2Tech 4/4/11
The first quarter’s $2.5 billion global green VC figure, compiled by Cleantech Group and reported by CNET, is the second-highest on record, topped only by the $3 billion raised in the third quarter of 2008…
Green tech investment at highest level in 8 years Smart Planet 4/4/11
Private investment in green technology is now at the highest it’s been in nearly a decade, according to a market research firm. Cleantech Group told CNET that venture capital money is flowing at the highest level since the company began to monitor global investment in 2002. US$2.5 billion was spent during the first quarter of 2011.
Green-tech VCs suffer from social-media ‘deal envy’ CNET | Green Tech 3/31/11
“They hear about how Groupon turned down $6 billion from Google and people think, oh my God, that could have made my career,” Haji said today in an interview at the Babson Energy and Environment Conference here. “There’s a view that at some diversified funds that it’s harder on partners to get deals done.”
Venture Firms Hope High Oil Prices Will Spur Cleantech Interest Huffington Post, 3/10/11
“The venture investor community has not increased deal flow because of this recent development,” said David Cheng, senior research analyst at the Cleantech Group, though he noted the price of oil has gotten “mainstream people” talking about hybrid cars and electric vehicles.
Invesco’s PowerShares Fund Leads Clean Energy Tracking With 7.6% Return Bloomberg, 3/2/11
The winner tracks the Cleantech Index produced by San Francisco-based Cleantech Group LLC. Rafael Coven, who manages the index, said the growth of clean technologies from recycling equipment and water purifiers to wind and solar power is “unstoppable,” and that the key to investing in the industry is to avoid a broad exposure by carefully screening stocks.
Canada To Lead Amid Looming World Water Shortages And More Flooding Water Online, 3/1/11
“Canada’s relatively abundant water supply will surely be an asset in future as precious as oil was in the 20th century,” says [Cleantech Group Chairman, Nicholas] Parker. “It must be managed carefully to ensure it can be harvested sustainably in perpetuity, supporting the well-being of all members of the world community.”
Investment in Cleantech is alive and kicking: Anybody who thinks that investment in clean technology died with the boom is wrong, says Richard Youngman Guardian, The Sustainable Business Blog, 2/8/11
Don’t confuse the ongoing inability of our politicians to strike a binding Climate Change agreement with inaction in the private sector. Watch the multi-national corporations; they are on the move.
Power Tagging Selected for Multiple Conferences that Showcase its Rapid Growth SFGate, 2/8/11
“We are excited that Power Tagging Technologies will be presenting as part of our Entrepreneur Showcase. Their unique solution creatively addresses the challenges utilities face in controlling distribution resources and speaks directly to the convergence of cleantech and IT that we are seeing in the marketplace.” Sheeraz Haji, CEO of Cleantech Group.
Why green energy still needs Uncle Sam’s help CNNMoney, 1/26/11
The stimulus effort set aside over $100 billion for various clean technology programs to be spent over several years. The funding includes money for solar and wind production, but also cash for R&D, conservation programs and clean water initiatives, according to Sheeraz Haji, head of the research firm Cleantech Group.
State Of The Union 2011: Obama’s Clean Energy Promises Huffington Post, 1/25/11
“Time and time again he’s demonstrated that he understands that the greater problems that are going to affect America are not just economic but environmental,” said Cheng. “This president has been the most progressive, the most aggressive in terms of pushing out a clean energy agenda than any other president in the past.”
2011 Set to be Even Hotter for Chinese Cleantech IPOs CNBC, 1/17/11
“It’s impossible to overstate the dominance of China in later-stage cleantech capital markets,” says Sheeraz Haji, CEO of research firm The Cleantech Group. “We expect the strength of Chinese IPOs to continue in 2011 and beyond.”
Record $7.8 billion year for cleantech venture capital in 2010, but two quarters of decline VentureBeat, 1/7/11
Cleantech had a record year in drawing in venture capital in 2010, with $7.8 billion invested globally, according to a new report from the Cleantech Group.
Navigating Your Energy Risk MIT Technology Review, 1/3/11
Even without an economy-wide price on carbon, many businesses are going green both as a way to save money and as a hedge against the rising cost of fossil fuels.
VC attention shifts from green tech to Internet CNET News Green Tech, 12/22/10
There are already signs of a contraction in venture money into the green technology area. Third quarter data from the Cleantech Group found that the total venture investing was $1.6 billion in the third quarter this year, a 25 percent decrease from the previous quarter although there were more deals in total.
Renewable chemicals get hot, Elevance raises $100 million VentureBeat, 12/21/10
The renewable chemicals market will be worth $60 billion by 2014, according to a recent report by the Cleantech Group, and venture dollars flowing into the sector skyrocketed in the first half of this year to $361 million in investments.
Federal Money for Alternative Energy Is Drying Up NYTimes.com DealBook, 12/14/10
Meanwhile, the dependence on government has become more apparent as venture capitalists and private equity firms reduce the number of companies they are willing to back. The Cleantech Group found that venture capitalists invested $4.02 billion in clean-technology companies in the first half of 2010 — a 43 percent increase from the comparable period in 2009 and nearly tied with the record in 2008. Those private investors are, however, choosing fewer deals.
Finding Innovation: New Paradigms The Green Economy, 11/17/10
For promising start-ups, consultants can identify potential fruitful partnerships and open doors closed to scientists and engineers. One example is the alliance between Cleantech Group and Veolia Environment (In the EU, Veolia Environnement).
Department of Energy pours funds into cleantech industry Silicon Valley Mercury News, 11/14/10
The Bay Area is widely regarded as the epicenter of cleantech in the United States, followed by Los Angeles, because of venture capital investment. California attracted $2.1 billion in venture capital in 2009, according to the Cleantech Group, far more than any other state.
Cleantech investment declines in Q3, “There’s been a bubble” VentureBeat, 10/1/10
Preliminary third-quarter results for cleantech venture investment totals $1.53 billion, down by 30 percent compared to last quarter, according to a new report by the Cleantech Group.
VCs Look to Clean Tech KQED Radio, 4/1/10
A new report finds that venture capitalists are seeking new opportunities in the clean tech sector.
The ecological case for ebooks guardian.co.uk, 3/10/10
Should you be getting an e-reader for the planet’s sake? I’d always thought not, but a new study has made me think again
Cleantech: Can David Learn to Love Goliath Fast Company, 3/9/10
As Cleantech Group President Sheeraz Haji put it, many cleantech firms see operating conditions improving–not least because of the $512 billion in direct government stimulus funding.
Creative Destruction on the Frontiers of Clean Tech CSRwire, 3/7/10
Does the Bloom Box Signal the Future of Cleantech?.
Energy efficiency to shine in 2010 San Jose Mercury News, 1/24/10
Venture capital investment in energy efficiency hit a record in 2009: at least 115 deals worth nearly $1 billion, according to a preliminary tally by the Cleantech Group and Deloitte.
Outlay on green tech set to grow Financial Times, 1/7/10
“Cleantech is becoming an increasingly global phenomena,” said Dallas Kachan, managing director of Cleantech Group.
Clean Technology Investing Slips, but Could Be Worse, Report Finds The New York Times – Green Inc. Blog, 1/6/10
“In 2009, clean-tech went from a niche category to become the dominant category in venture capital investing,” said Dallas Kachan, managing director of the Cleantech Group, a San Francisco market research and consulting firm.
Clean tech: Venture capital firms invest at least $5.6 billion in 2009 San Jose Mercury News, 1/6/10
“Though much of the economy struggled in 2009, clean tech had a pretty good year,” said Dallas Kachan, managing director of the Cleantech Group.
Venture Capitol: New VC Force The Wall Street Journal, 12/15/09
By contrast, venture-capital firms — which have long been the chief funders of fledgling tech firms, taking equity stakes in the start-ups that will pay off if they go public — poured just $2.68 billion into the sector in that time, according to data tracker Cleantech Group.
‘Green Minds’: Where is the worldwide market for sustainable technologies heading? Financial Times Deutschland, 12/14/09
The transition to a global economy that uses its natural resources in a more sustainable way – driven by the development and deployment of clean technology (‘cleantech’) solutions – is well underway and is set to eclipse any other technology revolution that has gone before it, in both scale and speed of international impact.
Hidden Valley China International Business, 12/01/09
China’s “Silicon Valleys” are very different from the original, but they are forging ahead along their own path.
2010 Outlook: Clean Tech’s Big Year Ahead MarketWatch, 11/30/09
A new report predicts a pickup in clean-technology investing in 2010 and that Warren Buffett will lead the way. Dallas Kachan highlights the report, including what category looks likely to surpass solar energy.
With solar overheated, here are two indirect ways to play climate change BloggingStocks, 10/15/09
“Information technology related to cleantech is very cold right now. So are certain types of pollution controls and recycling technologies,” says Rafael Coven, managing director and index manager for the Cleantech Group’s Cleantech Index Fund, an ETF that tracks green investing issues.
Harris: Uptick in venture funding for clean tech reported San Jose Mercury News, 10/1/09
Cleantech Group managing director Dallas Kachan said clean and green is now a “dominant theme” in venture investing, only four years after it had a “niche” status, attracting less than 5 percent of investments.
Investors seen returning to ‘cleantech’ sector Associated Press, 9/30/09
It marked the second consecutive quarter that cleantech investment has increased, an indication the sector is recovering, said Dallas Kachan, Cleantech Group’s managing director.
Study paints Kindle e-reader a dark shade of green CNET, 8/28/09
Claims that the Amazon Kindle electronic reader is more environmentally friendly than paper books hold up, according to an analysis by the Cleantech Group.
Asian Nations Could Outpace U.S. in Clean Energy Washington Post, 7/16/09
“A lot of people underestimate how focused China is on becoming a global leader in clean technology,” said Brian Fan, senior director of research at the Cleantech Group, a market research firm.
Investment In Cleantech Picks Up Forbes, 7/1/09
Venture capitalists pump $1.2 billion into alternative energy in second quarter, with stimulus driving interest. The data was compiled by accounting firm Deloitte and the consultancy Cleantech Group.
Venture funding for clean-tech rebounds San Jose Mercury News, 7/1/09
From April to June, venture investments in clean tech totaled $1.2 billion across 94 companies, according to preliminary results released Wednesday by The Cleantech Group, a San Francisco research and strategy firm, and Deloitte & Touche.
Where Smart Money is Going in Cleantech BusinessWeek, 6/17/09
“This year could be considered the first down year for cleantech,” says Richard Youngman, Cleantech Group’s managing director. “That’s not surprising after the growth we’ve seen over the last six years, but the long-term drivers [for cleantech investment] remain in place.”
London to Electric Car Biz: On Your Marks, Get Set Earth2Tech, 6/10/09
Dallas Kachan, managing director for the Cleantech Group, offered the short version: “There’s some pretty darn good infrastructure — financial and other infrastructure,” that entrepreneurs can leverage to do business in London, including the highest concentration of VCs of any city in Europe.
Clean and green China Canadian Business Magazine, 5/18/09
“In the last eight months, China has put more money to work fostering clean technologies than any other country on the planet,” says Dallas Kachan, San Francisco–based managing director of the Cleantech Group, which tracks investment in clean technologies globally.
Cleantech: the future, now Investment Week, 5/18/09
The sphere of clean technology, or ‘cleantech’, has reached a key moment in its development. While the key drivers – climate change, energy supply and increasing resource scarcity – become ever more pressing, the impact of the global financial crisis and the way the world has reacted to it are creating a host of new challenges and opportunities.
EPA Ruling Great News For Cleantech Forbes, 4/18/09
“This is going to open up opportunities in energy transmission and storage, and could create demand for advanced materials to replace things like cement, the manufacture of which is a major source of greenhouse gasses,” says John Balbach of the Cleantech Group, a trade organization.
Big Oil Sees Promise in Pond Scum CNBC.com, 4/17/09
“Oil companies got started in algae research and development and investment in 2007, as they realized that first generation biofuels—grain ethanol and palm or soy biodiesel—would not reach large production quantities cost-effectively,” says Brian Fan, senior director of research at the Cleantech Group, a market research firm.
Is growing food the next green-tech innovation? CNET, 3/27/09
To most people, green technology means renewable electricity, fuel efficiency, and perhaps water purification technologies. But to Parker, those technologies–most of which focus on addressing climate change–are still just a sliver of the innovation needed to address the world’s environmental woes.
Lobbyists Are First Winners in Obama’s Clean-Technology Push Bloomberg, 3/25/09
Cleantech Group, a San Francisco consulting and executive-search firm, says venture capitalists are bombarding it with requests to form a trade association. They want a permanent presence in Washington to lobby for the industry.
This tax credit is wasteful, expert says Financial Advisor magazine, 3/4/09
The payback on solar electric systems, which can cost as much as $60,000, can be as long as 15 to 20 years, but the payback can be six months to five years for energy-efficiency options.
Clean tech confab warns on warming San Francisco Chronicle, 2/26/09
“We are now on a very short time curve to address the climate change challenge,” said Nicholas Parker, co-founder of the Cleantech Group in San Francisco, which sponsored the conference. “It must define our generation.”
America plays cleantech catch up BBC NEWS, 2/25/09
“There is no lack of capital to be brought to this industry. What it needs are long term assurances that there will be a continued market for cleantech,” said Mr. Kachan the managing director of the Cleantech Group which organised the forum.
US Could Soon Be Greener Than Europe Newsweek, 2/21/09
“What hasn’t been happening in Washington, D.C., has obscured what’s been happening all over the country,” says Nicholas Parker, chairman of San Francisco-based Cleantech, an industry advisory group. “Watch out for the Americans–they’re coming.”
Flow of venture capital for green tech slows San Francisco Chronicle, 1/7/09
Green tech companies worldwide received a record $8.4 billion in venture capital during the year, according to figures released Tuesday by the Cleantech Group consulting firm. That’s a solid 38 percent increase from $6.1 billion in 2007.
Green-tech venture investment jumps nearly 40 percent in 2008 CNET, 1/6/09
Green-tech venture capital funding soared last year, aided by megadeals in thin-film solar companies, according to preliminary figures released Tuesday by the Cleantech Group.
Investment in Clean Technology Suffers Quarterly Decline Wall St. Journal, 1/6/09
The swoon in what has been one of the hottest venture-capital sectors was largely driven by the global economic downturn, and is likely to persist at least into the current quarter, say officials of Cleantech, which tracks venture activity world-wide.
Cashing In On Clean Technology Inc. Magazine, 1/09
Projected increases in global energy demand, declining production of oil and coal, growing concerns about climate change, and a desire for U.S. energy independence are “long-term drivers that haven’t changed and won’t change with respect to the credit crunch and the downturn,” says Brian Fan, the Cleantech Group’s senior director of research.
Clean-tech Forecast: Guardedly Optimistic San Jose Mercury News, 12/31/08
For 2009, many experts expect the pace of investments to slow, but most still see strong potential and think clean tech will outpace other sectors. The Cleantech Group, a research and strategy firm based in San Francisco, forecasts that clean-tech venture investments will fall to about $7 billion.
Utopia In The Desert Forbes, 11/24/08
Two years ago the investment fund of the oil-soaked city of Abu Dhabi handed Sultan Al Jaber $4 billion and a 2.5-square-mile parcel of desert. It was a starter kit …
“The scale and speed with which they want to get this done is amazing,” says Nicholas Parker, chairman of the Cleantech Group.
The Cleantech 10 Corporate Knights, 11/01/08
The Cleantech Group’s Cleantech Index has consistently outperformed the NASDAQ Composite Index, The S&P 500 and the Russel 2000 Index, with 42.9 percent total annualized returns in 2007, and a return of 8.2 percent in the second quarter of 2008.
Energy: Mr. Clean Canadian Business Magazine, 10/27/08
The magnitude of what Parker has achieved in the brave new world of the low-carbon economy is no joke. After all, it was Parker who coined the term “cleantech” and helped invent the asset class that accompanies it. Now a global industry, cleantech represented 10% of all VC investments made last year by U.S. firms.
“In 20 years time there may not be a cleantech industry” GLOBES, 10/6/08
Rafael Coven, the man behind the global cleantech index, is confident that environmental awareness will become the benchmark and that polluting companies simply won’t survive.
Interview with Cleantech Group’s Nicholas Parker at the Clinton Global Initiative Economist, 9/08
Cleantech Group’s Nicholas Parker was interviewed at the Clinton Global Initiative in September, 2008 in New York by the Economist’s Vijay Vaitheeswaran.
The six million dollar men Ode Magazine, 9/08
John Doerr, a partner at Kleiner Perkins Caufield & Byers, is one of the most influential venture capitalists in Silicon Valley, California. He is firmly focused on clean technology, energy technology that can save the planet from global warming.
Green planning pays off: expert Calgary Herald, 9/16/08
Nicholas Parker is one of the new financial hybrids: the astute businessman who is environmentally aware and doing something about it. His current company, Cleantech Group, founded in 2002 with partner Keith Raab, has become a key player in an industry many are saying will define this century.
Software deals boost market for clean product design greentechmedia, 9/11/08
Software is going to be one of the fastest growing segments in greentech. Today, Sustainable Minds and Autodesk announced that they will collaborate on services and products that will effectively make it easier for manufacturers to design cleaner products.
Looking inside the new transportation ETF Seeking Alpha, 9/11/08
Invesco PowerShares is set to open to investors its Global Progressive Transportation ETF (PTRP), a new exchange-traded fund that invests in “progressive” transportation companies, adding its name to the growing roster of ETFs focused on green businesses.
Area firms poised to catch clean-tech investment wave Toledo Blade, 9/7/08
For a promising solar-energy start-up launched in a research laboratory at the University of Toledo, investment cash has poured in from California’s Silicon Valley, Zurich, and Amsterdam.
Cleantech Israel business network fills niche The Jerusalem Post, 9/6/08
Over 130 entrepreneurs, investors, government officials, academics and even some journalists attended the sixth meetup of the Israel Cleantech business network. They came for an informal shmooze session and to hear visiting guest lecturer Richard Youngman, Managing Director of Cleantech Group Europe.
Green investing gold rush NuWire, 9/2/08
As wealthy investors pour money into green investments, small investors flock to green funds, despite high volatility. Venture capitalists worldwide invested a whopping $3.25 billion in green energy companies in the first six months of 2008, according to the Cleantech Group, market researchers which track green energy investments.
Greenhouse capital sets sights on $100m clean tech fund Business Green, 8/26/08
According to reports from the Cleantech Group analyst firm, the venture capital outfit is in talks to raise its second clean tech fund early next year and it will be around eight or nine times larger than its initial $11m fund, raised late last year.
Nexus India Capital closes $220M fund with cleantech focus Earth2Tech, 8/20/08
Mumbai-based Nexus India Capital closed a second early stage fund of $220 million to invest in 20 to 25 startups in clean technology, as well as consumer, business services and media sectors over the next three years.
A killing in clean technology On Line opinion, 8/17/08
For more than 20 years many have emphasized the money to be made in cleaning up the environment. According to the Cleantech Group, while overall venture capital investment was drying up over the past quarter, clean technology investments increased by 48 per cent.
How to profit from China’s environmental woes Seeking Alpha, 8/12/08
With the health of its population fading and global opposition to carbon emissions rising, China has no choice but to address its pollution epidemic. Cleantech Group LLC, which recently hosted an energy conference in Beijing, estimates that China will attract $700 million in venture capital funding for clean technologies in 2008.
What is clean tech? CNET News, 8/10/08
Cleantech, also referred to as clean technology, has emerged as an umbrella term encompassing the investment asset class, technology, and business sectors which include clean energy, environmental, and sustainable or green, products and services. Cleantech was popularized in large part through the work of Nick Parker and Keith Raab, founders of the Cleantech Venture Network (now Cleantech Group).
IKEA to invest $77 million in clean tech, could result in solar sales in stores GreenBiz, 8/8/08
IKEA plans to invest in $77 million in clean tech startups in the next five years with an eye to selling solar panels and other green tech products in stores or having suppliers use them, the Cleantech Group reported.
Funding rises for clean-tech start-ups USA TODAY, 7/11/08
Despite the slow economy, venture-capital funding of clean-tech start-ups in the USA and abroad is on pace for a record year. In the second quarter, venture funding for nearly 100 biofuel, solar, wind and clean-water start-ups hit a quarterly record of nearly $2 billion, says the Cleantech Group, a market research firm in San Francisco.
Cleantech investment hits record BBC NEWS, 7/8/08
Global venture funding for clean technology has hit a record high with $2bn invested in the last quarter. The Cleantech Group, which promotes environmentally friendly investments, said the industry is defying the downward trends in the overall sector.