Venture capitalists in North America and Europe sank a record $1.74 billion into cleantech during the third quarter of 2007, according to a report released by the Ann Arbor-based Cleantech Network - up 13 percent from the same time period in 2006.
Cleantech, proponents say, is a kind of smart investment that's sustainable, because it focuses on market-driven reduction or elimination of negative ecological impact and productive and responsible use of natural resources, often in the sectors of energy management, transportation, manufacturing and industry.
Energy generation continues to account for a big chunk of the investment pie, according to a report released late last month by the network, with $1.2 billion invested over the third quarter. Also on an upswing is water and wastewater investments, which saw a 146 percent increase from last year.
Efforts to create new, clean technology and more efficient ways of managing existing practices can pay off in terms of jobs, say the cleantech folks.
"Based on estimates from the Cleantech Group, recent and anticipated venture investments in the cleantech sector over the next several years could lead to the creation of between 400,000 and 500,000 new high-paying, high-quality jobs and new revenue streams of $70 billion to $95 billion," Cleantech Network spokeswoman Caroline Venza wrote in an e-mail last week.
Venza says the group doesn't have Michigan-specific data.
Source: Caroline Venza, Antenna Group Public Relations
Writer: Nancy Kaffer
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