Cleantech Venture Monitor Q2 2004
VOL. 3 / ISSUE 2
www.cleantechventure.com
www.cleantechventure.com / Cleantech Venture Network LLC
Venture Monitor / Q2 2004 / 2
Table of Contents
CEO and Chairman’s Message
3
Q2 2004 Investments Monitored
5
Key Statistics and Historical Data
5
Investments by Industry Segment
6
Key Industry Segment Trends
6
Key Energytech Segment Trends
8
Key Regional Investment Trends
9
Key Investment Stage Trends
10
Q2 2004 Deal Tracking
11
North America
11
Europe
14
Predicting the Grid Automation Sector – Part One: Are We Approaching the Tipping Point
15
Sector Definition and Scope
15
The Value Chain
15
Macro Trends
15
Signs of a Tipping Point
17
Conclusions
18
Appendix – Helpful Organizations
19
A Conversation with Michael Pak, President & CEO of Nanostellar
22
Catching up with Scott MacDonald, Director of Solicore and Managing Director, OPG Ventures
23
Cleantech Bulletin Board
24
Release of Cleantech Research Report Announcement
24
Up Coming Events
24
Cleantech Venture Forum V Announcement
25
www.cleantechventure.com / Cleantech Venture Network LLC
Venture Monitor / Q2 2004 / 3
CEO and Chairman’s Message
Dear Reader,
Welcome to the Second Quarter 2004 issue of the Cleantech Venture
Monitor. It will arrive in your inbox, or on your desk, at a busy time for VCs
active in the cleantech area what with countless new funds being raised
and an ever-increasing number of deals being done. Whether you read it on
a plane or while dialing into a committee meeting (come on, admit it!) as
always we hope you find this, our tenth, Monitor to be relevant and helpful
to your investment activities.
At $278 million, cleantech investment activity in Q2 was just under the
$308 million registered for the first quarter of the year and more substantial-
ly below the $330 million invested during the same period last year. While
total capital deployed is down, the number of deals done jumped to 62 in
Q2 from the 46 transactions tracked in Q1 and from 40 companies this
time last year. Investors appear