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Weekly Investment Highlights

Weekly Investment Highlights

by Hans Chen | September 29th 2011

Posted in Cleantech Investment Insight, IPO Watch, M&A Watch, Venture & Private Equity Watch
Each week our research team tracks cleantech transactions across the globe. This week we recorded 11 VC/PE deals, seven fund announcements, three M&As, three transactions of other types and four IPO-related stories. Below are some of the highlights.
Venture capital and private equity investments
Over $278 million of venture/private equity fund was raised by 11 cleantech companies, the two largest deals were:

• India-based ReNew Wind Power, a recently established startup that develops wind energy projects, raised $202 million from Goldman Sachs’ private equity arm. Goldman Sachs acquired a majority stake in ReNew in the transaction.
• California-based Siluria Technologies, a developer of methane conversion technology for creating biofuels and chemicals from methane, raised $20 million in Series B round of financing led by Wellcome Trust.

Funds
Seven fund managers made important announcements. Highlights are:

• South Korean conglomerate LG Group released details on its $7 billion green technology investment program, confirming that it plans to invest KRW 8 trillion (~$7 billion) in “green new business” sectors by 2015.
• Environmental investment group Impax Asset Management closed its second private equity fund, Impax New Energy Investors II, on €330m (~$450 million). The firm also said that the fund will primarily focus on the renewable energy sector.

Mergers and acquisitions
Three cleantech M&A transactions were tracked this week. The most significant ones were:

• Israeli infrastructure company Shikun u’Binui Holdings announced the signing of memorandum of understanding to acquire Israel-based Paz Solar, a provider of small and medium sized photovoltaic systems on commercial, agricultural, industrial and private properties.
• India-based Solar Semiconductor, a designer, developer, and manufacturer of solar PV technologies, acquired California-based NetCrystal, a developer of stretchable photovoltaic silicon for solar applications.

Other Transactions and Activities
We also tracked transactions such as minority stake investments, joint ventures and other relationships in cleantech. Highlights included:

• New Zealand-based LanzaTech, a developer of a process that increases industrial energy efficiency by and converting waste gases to fuels and chemicals, formed a joint venture with China’s state-owned steel company Shougang Group. The JV will construct a demonstration plant at one of Shougang’s steel mills in China.
  
• Nevada-based Blue Earth, an acquisition specialist in cleantech sectors, raised $15 million in a public equity purchase transaction, according to a regulatory filing.
  

Initial public offerings
Four companies discussed about, filed for or made IPO. The most significant ones were:

• California-based Fulcrum BioEnergy, a developer of facilities for the conversion of municipal solid waste and other waste products to ethanol and other renewable transportation fuels, filed for an IPO that could raise up to $115 million.
• China-based Chant Group, a manufacturer of biomass power generation equipments, raised 659 million (~$103 million) in an IPO on Shenzhen Stock Exchange. The company issued 37 million shares in the offerin