Years of poor returns in the clean energy technology space spooked investors, but one fund that just raised $110 million think they have the answer.
The firm's strategy rests on the belief that without reinventing the wheel, and without compromising returns, it can identify and fund scalable, capital-efficient start-ups that will significantly reduce greenhouse gas emissions.
"There's a valley of death right now. There's a lot of brilliant technology that's being built … but to get to a Series A or Series B it's a long haul," Clean Energy Ventures co-founder Temple Fennell said to CNBC. "Some people consider us a special forces team that's brought in with capital and talent."In the mid-2000s, the backdrop for clean tech investing seemed almost too good to be true.
But then the financial crisis hit. It became harder to borrow money. Natural gas prices also dropped, and an oversupply of Chinese-made solar panels flooded the market. Ultimately, more than half of the $25 billion that flowed into the clean tech sector between 2006 and 2011 was lost. "Cleantech companies developing new materials, hardware, chemicals, or processes were poorly suited for VC investment because they required significant capital, had long development timelines, were uncompetitive in commodity markets, and were unable to attract corporate acquirers," the authors ofAfter combing through the data, the researchers found that "the biggest money loser for VCs was the segment of cleantech companies commercializing fundamentally new materials and...
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