Many exciting deals got done in cleantech last week, but one headline surely worth mentioning is the Chinese city of Xinyu’s bailout of its local economic engine, LDK Solar. The estimated $80 million in debt relief shows that the anemia stemming from the oversupply of solar panels on the global market is hurting Chinese manufacturers, too, and is sure to stir up a bit of vitriol alongside the US Department of Commerce’s ongoing case before the WTO, which argues that the Chinese government and solar industry have engaged in unfair trade practices.
Venture investment continued to plug along steadily. There were a couple of interesting Series A deals during the week, as 7AC Technologies and BioSurplus raised their first rounds for efficient HVAC and a platform enabling laboratory equipment reuse, respectively.
Meanwhile, Harvest Power expanded its Series C round by an additional $15 million with participation from three new investors. Piper Jaffray & Co led the round, and was joined by Industry Ventures and Tur Partners. Harvest, a specialist in organic waste-to-energy technology, had raised the initial $112 million of its Series C back in April.
In the world of wind power, DONG Energy and Centrica announced a new partnership to build a 2.2 GW wind farm in the Irish Sea. Meanwhile, DONG secured a supply agreement with Siemens for 300 offshore turbines – a deal valued at Euro2.5 billion.
In fundraising, it was announced that I2BF Global Ventures and Rusnano Capital launched the I2BF-RNC Strategic Resources Fund. In a testament to a fast-maturing sector, the fund will invest in late-stage nanotechnology companies.
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