By most measures, 2007 was a pivotal year for the cleantech sector. The risks of global warming became a mainstream concern and both corporations and governments around the world recognized the crucial role that cleantech solutions play as we pursue a low-carbon economy.
We witnessed incredible growth in the renewable-energy sector, led by a stellar rise in solar and ongoing momentum in wind development. Last year was also when cleantech companies proved that the sector, while still emerging, is full of success stories. We saw companies ramp up revenues. Others held successful initial public offerings on stock exchanges around the globe. There was even a jump in M&A activity.
Emerald, meanwhile, closed out the year on a positive note. We announced an increase to our recently closed cleantech fund by adding a select group of strategic investors. The fund now has total commitments of EUR 150 million (USD 220 million). We are also pleased to welcome our new Limited Partners - Robert Bosch GmbH, Saint-Gobain and VKR Holding A/S, among others. Read our Press Release here. Overall, Emerald now manages EUR 300 million (USD 440 million) through three cleantech venture capital funds and two venture capital portfolio mandates.
In 2007 we backed five new companies and completed 14 financings, most recently a CDN $21.5 million Series B financing in Quebec City-based Vaperma, a developer of advanced gas separation membranes. Read our Press Release here. As we gaze into our "Emerald Ball" we predict another strong year ahead. Despite some select upward pressure on private company valuations, they on average remain in line with the risk-reward profile we consider attractive. This is encouraging news as we work together to grow our portfolio in 2008.
In this edition >>
New Investments: The greening of data centers
Portfolio Update: AquaSpy (Agrilink) and EnOcean
Industry News: Kyoto moves from talk to action. What does this mean for carbon markets?
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