Energy and Clean Tech Connections (January 2009)
1/2009
In the January edition of Mintz Levin’s Energy and Clean Tech Connections, we’ve gathered recent information from a wide variety of sources in an effort to keep you abreast of what’s new in the world of clean energy. We draw your attention to the latest industry developments, news from Beacon Hill to Capitol Hill, grant opportunities, and upcoming events.
The past month has seen renewed activity in renewable energy law-making in Massachusetts and the nation. First, in December the Department of Energy announced a funding opportunity of up to $200 million for integrated biorefineries. In Massachusetts, the Department of Energy Resources released regulations changing the state’s Renewable Energy Portfolio Standard (RPS) to expand support for renewable energy technologies. For more information on the RPS guidelines, see Federal and State Happenings. In addition, last week Governor Deval Patrick unveiled a plan to build enough wind turbines in Massachusetts by 2020 to supply energy to 800,000 homes.
David O’Connor, Senior Vice President for Energy and Clean Technology at ML Strategies, recently co-authored an article with Jurgen Weiss that appeared in The Boston Globe. In the article, the two suggest that a federal carbon cap-and-trade system. similar to the one in place through the Regional Greenhouse Gas Initiative, could help provide a solution to reducing greenhouse gas emissions in the long term without increasing energy costs. In addition, Tom Burton, the chair of the Energy and Clean Technology practice group, was also recently quoted in a Financial Times article regarding the future of cleantech investment under the Obama administration.
Mintz Levin would like to announce a record-setting year in cleantech financing for the Energy and Clean Technology practice group. In the past year the group has closed 35 deals totaling approximately $400 million, for a total of 82 transactions totaling in excess of $1.25 billion since the beginning of 2006. At the same time, we’d like to congratulate client GMZ Energy on completing one of the last deals of the year; its Series B financing led by BP Alternative Energy. GMZ Energy is a pioneer in creating nanotechnology-based materials for a new generation of cleaner, more energy efficient, thermoelectric products.
Finally , it has been a record year overall for the industry; for more details, Greentech Media has published reviews of the year in Wind, Solar, Biofuels, Smart Grid, and Green Building, as well as an industry overview.
We hope that you enjoy this month’s edition of the newsletter.
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