By Renee McGaw
Denver Business Journal
Read the full article at bizjournals.com
U.S. venture capital investment in cleantech companies rose 73 percent to $572 million in the second quarter compared with the previous quarter, led by solar and energy efficiency deals, according to an Ernst & Young LLP analysis of data from Dow Jones Venture Source.
Two Colorado companies — Tendril Networks Inc. and Gevo — ranked among the quarter’s top five deals. Boulder-based Tendril, a residential smart grid company, got $30 million in May. Gevo, an Englewood-based biofuels company, got $40 million in April.
“The quarterly uptick reflects investor confidence in the ability of cleantech companies to capitalize on market opportunities,” Joseph Muscat, Americas director of cleantech for Ernst & Young LLP, said in a statement. “While enacted and anticipated government actions have helped bolster confidence and catalyze new capital, we believe that leading cleantech companies will be defined by their ability to execute on business plans and advance their technologies through commercialization and distribution despite the challenging economy.”