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Bangalore: According to a data released by Ernst & Young on Monday, investments in clean-technology companies by U.S. venture capitalists plunged in the first quarter.
Compared to the first quarter of 2008, investments fell 63 percent, to $277 million, and number of deals was down to 24. The investment in energy storage which rose to $114 million is one exception to the drop. Sixty percent of this money went to battery-storage companies which raised $69 million, and the other 40 percent went to fuel cell companies which raised $45 million. However investments in energy generation companies dropped to $56 million, down by 73 percent. Solar companies accounted for the majority of activity in this category, raising $48 million.
Last month, the Cleantech Group, a San Francisco researcher that includes more companies in its definition of clean tech, released similar figures in a report. For the first quarter, it reported that venture capital raised by U.S. based clean tech companies is down by 44 percent.
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