Last week saw a wave of venture investment in clean technology. Specifically, companies in the Energy Efficiency sector seemed top-of-mind for investors as Next Step Living, Tendril, and Powervation raised rounds.
Boston, Massachusetts-based Next Step Living raised $18.2 million in a growth equity round from Black Coral Capital, BlueWave Capital, VantagePoint Capital Partners, and the Massachusetts Green Energy Fund. The company is a provider of home energy diagnostics and retrofit services to the residential market. The target round amount is $24 million.
Tendril, the Boulder, Colorado-based provider of a home energy management SaaS platform that facilitates interaction within the energy ecosystem and provides utility solutions, raised $15 million in a growth equity round from VantagePoint Capital Partners, Bregal Energy, General Electric, RRE Ventures, and Siemens Venture Capital. The round was the bow tied on Tendril’s restructuring, which the company says has left it in a profitable position as it looks to complete a $50 million deployment project with Duke Energy.
And finally, San Jose, California-based Powervation raised $7 million in a growth equity round from Braemar Energy Ventures, Intel Capital, Enterprise Ireland, and VentureTech Alliance. The company is a fab-less integrated circuit (IC) chip developer with a focus on efficient DC-DC digital power conversion in networking, storage, and computing applications.
Big news came over the weekend, as A123 Systems and Wanxiang Group announced on Sunday that the Chinese giant had won its bid in a US bankruptcy court auction to acquire A123′s assets for $256.6 million. The deal, which follows months of uncertainty after Wanxiang’s planned acquisition of A123 fell apart, sending the battery maker into bankruptcy, is likely to cause a political stir as A123 has received government support and formerly held government contracts.
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