Roundup: Clean Tech Deals

April 8, 2008 – 9:06 pm

Several clean tech deals survived the ongoing liquidity crisis in financial markets last week, managing to attract investments at a time when the even lions of Wall Street are finding it difficult to do so. The enduring vitality of the clean tech sector suggests that the downturn might not set back venture capital exits as much as previously feared.

Southridge Enterprises - This Dallas-based renewable energy company, which plans to construct a sugarcane-based ethanol plant in El Salvador, completed a $6.6 million private placement with Nexus Lotts Capital.
Germany’s RWE has reconfirmed plans to sell a stake of American Water Works on the New York Stock Exchange, which it believes will raise as much as $1.9 billion. RWE plans to offer 64 million shares of American Water Works at $24 to $26 each, with the underwriters getting an option to buy up to 9.6 million additional shares. Goldman Sachs, Citigroup and Merrill Lynch will serve as th deal’s book runners.
Energy Recovery, a San Leandro, Calif. -based company, produces energy recovery devices for the water desalination industry, also intends to raise capital on public markets, hoping to raise up to $175 million on the Nasdaq.
HgCapital took a 75% stake in Havsnäs, the Swedish wind farm outfit, at a cost of €185 million. Renewable Energy Systems will keep the remaining 25 percent stake in Havsnäs.
Novinium, a Seattle-based company that produces electric transmission cables, attracted $6 million in Series C funding.
Range Fuels, a cellulosic ethanol technology company based in Broomfield, Colo., raised over $100 million in Series B funding. Passport Capital led the round, joined by BlueMountain, Khosla Ventures, Leaf Clean Energy and Pacific Corporate Group.
Palo Alto, Calif.’s Nanosolar, the solar-panel pioneer, raised $50 million from French renewable energy group EDF Energies Nouvelles as part of a larger agreement which commits Nanosolar to supplying panels to EDF next year.
ReliOn, a fuel-cell maker based in Spokane, Wash., pulled in $16.9 million in Series C funding. Investor Pacific Corporate Group was joined by return backers Chrysalix Ventures, Enterprise Partners, Wall Street Technology Partners and Oak Investment Partners. ReliOn previously raised approximately $45 million.
Arlington, Va.-based GridPoint raised $15 million in a Series D follow-on investment from the Quercus Trust. GridPoint makes a smart grid platform to enable utilities to better manage power consumption. The company said its platform provides protection from power outages, increases energy efficiency and integrates renewable energy.