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New England Clean Tech Economy Could Bring $1 Billion in Investment by 2012


Boston Business Journal
June 12, 2008


Development of a strong clean technology cluster in New England could spur
an additional $1 billion in investment by 2012, an industry trade report shows.

The report, sponsored by the New England Clean Energy Council, noted that
there was a strong market for early-stage Series A investment in clean
tech companies last quarter despite a slight dip in total clean tech funding.

Clean energy industry leaders are calling for state leaders to support a
clustering of clean tech companies, similar to the biotech cluster already
established in the region, that would help existing companies generate
more investment. The report claims that "while Cleantech companies will
attract between $1.8 billion and $2.8 billion in venture investment during
the next five years, a "clustering" of companies could attract an
additional $1 billion in investment."

Four clean tech companies received venture funding last quarter, down from
five in the previous quarter. But the report noted three of those four
companies received their first round of investment, which tend to be
smaller than previous rounds.

New England ranked third in the number of clean tech funding rounds last
quarter, trailing Silicon Valley with 16 and the Pacific Northwest with six.

 

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