Greentech Lead India: Solar venture capital (VC) investments have increased to $189 million in 19 deals in the second quarter (Q2) 2013 compared to $126 million in 26 deals in the previous quarter, says a new report from Mercom Capital Global.
“With solar technology companies struggling, investments have been going to downstream companies,” said Raj Prabhu, CEO of Mercom Capital Group. “That said, investments into solar technology companies haven’t completely dried up. Small venture rounds are still going to several niche technology companies instead of the larger deals that were typical for thin film, CSP and CPV companies.”
Solar downstream companies received most of the funding with $128 million. Total corporate funding in the solar sector including, VC funding, debt financing and other types of funding raised by public companies through sale of shares total $915 million, the report said.
There were 27 active VC investors in the sector this quarter, according to the report
The largest VC deals in Q2 2013 included the approximately $69 million raised by Chinese solar developer Hefei Golden Sun Energy Technology from existing investor Jiangsu Akcome Solar Science & Technology.
Another company, Clean Power Finance, a provider of third-party financing for distributed PV projects through its software platform, raised $42 million from Edison International, Kleiner Perkins Caufield & Byers, Google Ventures, Claremont Creek Ventures, Clean Pacific Ventures, Sand Hill Angels, Hennessey Capital, Duke Energy, and two other investors.
Solexel, a developer of high-efficiency crystalline silicon solar cells and modules, raised $14.8 million, whereas Tigo Energy, a developer of smart modules and optimizers for PV systems, raised $13 million from Alon Ventures.
Scifiniti, a crystalline silicon technology company focused on delivering a low cost drop-in replacement to photovoltaic silicon wafers, raised $10 million from Alloy Ventures, Firelake Capital Management, I2BF Global Ventures and Peninsula Ventures.