2009 Greentech VC, M&A and IPOs
VC investment in Greentech is thriving. After a soft first quarter brought on by recession and low investor confidence, VC in Greentech has been creeping up steadily.
Greentech VC in 2009
Q1 2009 $836 million in 59 deals
Q2 2009 $1.234 billion in 85 deals
Q3 2009 (to date) $923 million in 83 deals (to date)
Q2 was 50 percent more than in the first quarter, and the third quarter should exceed the second quarter – a nice trend. That said, rising investment in greentech is not exactly an indicator of the health of the industry. We need more startup revenue, more M&A, and more IPOs – and that's starting.Some of the biggest VC deals this year have been:
Suniva $75M for high efficiency solarPowerspan
$50M for CO2 capture technology for coal-fired electric power plants.
Imperative Energy $43M for large scale renewable energy from biomasseMeter
$32M for smart grid management software
(I don't believe we can count Synthetic Genomic's $300 million big algae investment from Exxon as VC).
Greentech M&A in 2009
We've seen some M&A trends, highlighted by:
Ongoing consolidation in the solar integrator and installer market
Rising consolidation and land grabs in the carbon dashboard and utlity carbon monitoring field
Vertical integration in solar – Bosch's acquisition binge created a vertically integrated entity from Ersol, Aleo and Johanna Solar
Greentech IPOs
Plenty of chatter but the only SEC IPO registration looking like it might launch in 2009 is A123 Systems, the developer and manufacturer of advanced, rechargeable lithium ion batteries. A123’s product line ranges from 3.6 watts per hour batteries for portable power applications to larger 65 watts per hour batteries for electric vehicles. The company is also developing multi-megawatt battery systems for utilities that can provide electric grid services including standby reserve capacity and frequency regulation.It is reasonable to expect the A123 IPO to come to market in the fourth quarter of this year – reasonable given A123’s revenue, the government and industry focus on smart grid, and the pent up demand for a greentech IPO.A123's long-threatened IPO has the potential to draw the market’s attention to the energy storage sector.
The IPO will also give us a glimpse on how investment banks and institutional investors like underwriters Morgan Stanley, Goldman Sachs and Lazard Capital Markets will value energy storage firms.A successful public offering could open the floodgates to more greentech IPOs and usher in the dawn of a finance-rich greentech era. Other Greentech IPO candidates would include Silver Spring Networks, Tesla Motors, Nanosolar and Solyndra.
Nutraceuticals are greentech itemsOmega5 oil technology fuels a skin care indsutry
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