Energy and Clean Tech Connections (January 2010)
1/20/2010
Happy New Year from the Energy and Clean Technology Practice Group at Mintz Levin! In 2010's first edition of 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 local governments to Capitol Hill, grant opportunities, and upcoming events.
2009 ranks as the second-best year ever for clean energy venture capital financing, with $4.85 billion exchanging hands in 356 deals over the course of the year. Consistent with the last four years, solar power was once again the leading investment segment at more than $1.4 billion in 84 deals, followed by biofuels at $976 million in 44 rounds, according to a report by Greentech Media.
This month, the Energy and Clean Technology Practice Group would like to congratulate clients FloDesign Wind Turbine, EnerNOC and New Enterprise Associates (NEA). On January 19th, FloDesign closed a $34.5 million financing from investors Kleiner, Perkins, Caufield and Byers, a Goldman Sachs managed investment fund, Technology Partners and VantagePoint Venture Partners; the company also named Lars A. Andersen its new CEO. In December, EnerNOC announced that Morgan Stanley had purchased one of the energy management company’s software applications to drive persistent energy savings in the bank’s Manhattan headquarters. Earlier this month, NEA announced the closing of its 13th fund. With nearly $2.5 billion in committed capital, the fund is NEA’s largest since 2007.
The Practice Group would also like to congratulate ML Strategies clients Achates Power and Cobalt Biofuels on their recent successes. Earlier this month, Achates completed a $19.2 million financing from investors Triangle Peak Partners, Sequoia Capital Partners, Rockport Capital Partners, Madrone Capital Partners, and InterWest Partners. Meanwhile, California Governor Arnold Schwarzenegger was on hand as Cobalt launched its first biofuels facility in California on January 12th.
We hope that you enjoy this month’s edition of the newsletter. For weekly updates on pertinent legislation and government programs, please click here to find the most recent ML Strategies Energy and Environment Update.
