Despite the financial recession, venture capital investment in green technology rose, for the first time in six months, during the second quarter of 2009 – and the biggest winner was transport-related technology, according to the report, issued this week by the Cleantech Group and Deloitte.
Although green technology was up 12 per cent on the first quarter of 2009, rising to $1.2 billion, that's still 44 per cent down on a year ago – and venture capitalist investment in some areas continues to fall.
Solar power has been particularly badly hit. Investment dropped from $1.2 billion in the third quarter of 2008 to $114 million by the second quarter of 2009.
Although green technology was up 12 per cent on the first quarter of 2009, rising to $1.2 billion, that's still 44 per cent down on a year ago – and venture capitalist investment in some areas continues to fall.
Solar power has been particularly badly hit. Investment dropped from $1.2 billion in the third quarter of 2008 to $114 million by the second quarter of 2009.
Cars are the easiest green target because, compared to solar electricity generators, they don't require a massive change in the existing delivery infrastructure. If the auto industry succeeds in stimulating development of good battery technology, the solar industry will follow very quickly with localized distribution networks.
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