cleantech insights

The Week in Cleantech – Oct 15 – 21


Cleantech venture investment was down last week as companies raised just over $28 million across 5 venture deals. Perhaps giving investors pause was news that darling lithium ion battery maker A123 Systems‘ deal with its would-be new majority owner Wanxiang Group in fact would not go through, and the company instead filed for bankruptcy. Seeing an opportunity in the rubble was US-based industrial equipment and building efficiency leader Johnson Controls, which announced a bid to acquire A123′s automotive business and provide financing for the company’s continued operations during bankruptcy. All told Johnson Controls’ investment in the distressed battery maker is estimated at $197.5 million, should it go through.

Gridstore, a provider of efficient data center solutions based in Mountain View, CA, raised $12.5 million in its Series A round from GGV Capital and ONSET Ventures. The company intends to use the capital to expand its sales channels and accelerate the delivery of its data storage solutions.

Alga Energy, an Italian company that aims to generate electricity through combustion of algal oil, raised $3.8 million in its Series A from Sviluppo Imprese Centro Italia.

And finally Open Energi, a UK-based provider of demand response solutions toward a smarter grid, received $8 million in a growth equity round from existing investor Ombu Group.

In a bit of interesting news for the solar industry, SolarCity, a company that has established itself as a top solar installer focused on the residential and commercial market segments, announced its entry into utility-scale project development with a 14 MW PV project it intends to build for Kaua’i Island Utility Cooperative in Hawaii.

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