The Week in Cleantech – Apr. 22 – 28
Last week was an exciting one in the world of clean technology. We saw a couple really interesting acquisitions, with grid infrastructure giant ABB buying Power-One, air pollution controls company CECO Environmental acquiring Met-Pro Corporation, and water metering major Badger Meter acquiring a pre-revenue, venture-backed startup called Aquacue.
There were also several companies receiving venture capital during the week. Fertilizer-from-wastewater technology company Ostara Nutrient Recovery Technologies, a Canadian company, raised its latest round, bringing in $13 million in new equity capital from VantagePoint Capital Partners, Frog Capital, and new investor Wheatsheaf Investments. Wheatsheaf is part of a portfolio of businesses held by the estate of Gerald Cavendish Grosvenor, 6th Duke of Westminster in the U.K.
Hydrostor, also a Canadian company and pursuing underwater compressed air energy storage (CAES) technology for power firming at offshore wind farms, raised $2 million in its Series A round from the MaRS Cleantech Fund and private investors. CAES competitors including General Compression and SustainX would seem to have a jump on Hydrostor, though none, to our knowledge, have to date pursued underwater applications of the technology.
And perhaps the most noteworthy investment we saw last week was a $5 million Series A raise by Ocean Thermal Energy Corporation. Ocean thermal energy conversion (OTEC), is a technology for harvesting energy from the temperature differentials between shallow and deep ocean water, and has been known for some time. It has not yet been deployed commercially, however, as low temperature differentials typically make it difficult to produce power at scale, and economically. This is the first investment of venture capital we’ve recorded in this nascent technology area, and though the investors have not been disclosed, it is exciting to see private money backing a startup in this space.
To dynamically track investment, M&A, IPO, and partnership news in the cleantech space, consider subscribing to our i3 Platform! Sign up for a demo, here. And finally, a little bonus this week: we’d like to invite you to download one of our latest research reports for free: “European Cleantech Fundraising 2013-14”, recently released by Cleantech Group in conjunction with Georgieff Capital.