As we head toward the end of 2009 there's a sense within the global venture capital community that the worst is now behind us. "Flat is the new up" might best describe the year so far. To grow, and at a minimum survive, many emerging clean technology companies and the entrepreneurs behind them have had to be more flexible and creative. Those most successful at adapting are best positioned to take advantage of the next economic growth cycle.

It’s no surprise that venture capital returns tend to be cyclical. Venture investors have, in general, experienced their best returns following a recession. The cleantech sector continues to attract entrepreneurial talent, global economic stimulus investments and venture capital. In the third quarter of 2009 clean technology became the leading venture investment category, according to the Cleantech Group. It's on this positive note that Emerald is pleased to announce that later this year it will launch its third dedicated cleantech venture capital fund.

To support our continued investment activities, and to provide our portfolio companies with access to some of the leading minds from the key disciplines that define the cleantech sector, we have added the following distinguished individuals to our Advisory Council.

	Glen Daigger Glen Daigger is Chief Technology Officer for CH2M HILL where he has been employed for 30 years. He is a recognized expert in wastewater treatment, especially the use of biological processes and also served as Professor and Chair of the Environmental Systems Engineering Department at Clemson University. He is the new President-Elect of the International Water Association (IWA). For the Water Environment Federation (WEF) he has served as Chair of several committees. He is the recipient of numerous awards, including the Kappe and Freese lectures and the Harrison Prescott Eddy, Morgan, and the Gascoigne Awards from WEF. Dr. Daigger is also a member of the National Academy of Engineers. Dr Daigger received his Ph.D., Environmental Engineering , M.S.C.E., Environmental Engineering and B.S.C.E., all from Purdue University.
	Per Falholt Per Falholt is Chief Scientific Officer of Novozymes. Mr Falholt joined Novo in 1984 as a research chemist in the Enzyme pilot plant. He was appointed manager of the Detergent Enzyme Division in 1987 and director responsible for the application and development of new products for the detergent industry in 1990. He joined the newly formed Enzyme Development and Applications division in 1995 as director for Application Technology II before moving to Raleigh, USA, to run the EDA unit in 1997. In 1999 he was appointed corporate vice president with responsibility for Enzyme Development and Application (EDA). He was appointed corporate vice president of corporate R&D with effect from May 1, 2000. Prior to joining Novo Nordisk, Mr Falholt worked at the Technical University of Denmark, where he took his MSc in chemical engineering in 1983.
	Michael J. Fister Mr. Fister brings nearly 30 years of executive management and engineering experience with semiconductor and software companies. Most recently, Mr. Fister served as President and Chief Executive Officer of Cadence Design Systems Inc. for 4 years from 2004 to 2008 and led the company to record revenue and operating margin in 2007. From 2002 to 2004, Mr. Fister served as Senior Vice President and General Manager of Intel’s Enterprise Platforms Group, which designs, markets, and supports building blocks for enterprise computing. Prior to that, Mr. Fister managed Intel's IA-32 processor development organization where he was responsible for the design, development, and marketing of IA-32 processors, including Intel Pentium® Pro, Pentium® II, Pentium® III, Celeron®, Pentium® II Xeon™, and Pentium® III Xeon™ processors. Mr. Fister was appointed an Intel Vice President in 1996 and elected a Corporate Vice President in 2000. He was promoted to Senior Vice President in 2002. Prior to joining Intel, Mr. Fister held executive and engineering management positions at Wyse, Machine Vision International, and Cincinnati Milacron. Mr. Fister has been a member of the Board of Directors of Synapsense Corporation since December 2006. He had also been a Director of Cadence Design Systems Inc. from 2004 to 2009 and Autodesk Inc. from 2003 to 2008. He was a Director of Fabless Semiconductor Association from 2006 to 2007. He received a bachelor’s degree and a master’s degree in Electrical Engineering from the University of Cincinnati.
	William L. Jorgenson William L. Jorgenson is Managing Principal and founding partner of SJH and Company, a strategic management-consulting group dedicated to the global food, renewable ag fuel, and agriculture industries. Prior to forming SJH and Company, he was a Vice President/ Director of the Quaker Oats Company and COO for The Terson Company. In 2000, Mr. Jorgenson launched eFarm, which became part of John Deere Agri Services and he became the Senior Managing Director. John Deere AgriServices provides services and technology solutions to connect the food supply chain. Mr. Jorgenson’s expertise includes strategic planning, renewable fuels business planning, marketing, operations management, and new business investment management. Mr. Jorgenson graduated from Colgate University and attended the University of Oslo, Norway.
	Fernand Kaufmann Fernand Kaufmann is the CEO of HPL S.A. (High power Lithium), a start-up active in the development of nano-structured cathode materials for lithium ion batteries. He also serves on the board of Verenium Corporation and Schmack Biogas. During his 33 year career at The Dow Chemical Company, he held a variety of business leadership positions in Dow’s specialty products, pharmaceuticals and agricultural businesses. In 1992, he was named Vice-President for New Businesses and Strategic Development and became a member of Dow’s management executive committee. He was also responsible for biotechnology developments and corporate venture capital investment at Dow. He received his Ph.D. in Polymer Chemistry from the University of Strasbourg.
	John P. Ranieri John P. Ranieri is Vice President and General Manager – DuPont BioMaterials Group, responsible for a broad portfolio of renewably sourced products. Prior to this position he was general manager - DuPont Applied BioSciences - Energy & Specialties with responsibility for the BioFuels and Specialties businesses. Prior to joining DuPont, he was managing director of the cardiovascular and biomaterials divisions at Aortech International. He was previously vice president of Sulzer Biologics. Mr. Ranieri received a Ph.D. in medical science and a master's degree in materials engineering as a Miciolli fellow from Brown University and was an assistant doctorant at the division of surgical research and gene therapy at Lausanne University Medical School. He completed the advanced management program at the Wharton Business School.
	Harry Seah Harry Seah is the Director of Technology and Water Quality Office, for the Public Utilities Board (PUB) in Singapore. The PUB is the national water authority of Singapore and a statutory board under the Ministry of the Environment and Water Resources. PUB manages, in an integrated manner, the nation’s water resources. The Technology Office co-ordinates the research and development initiatives in PUB, and support PUB’s mission through technology, innovation, industry partnership, expertise development, and introduction of best practices. The initiatives cover strategic fields of water technology including water and wastewater treatment, chemical and biological water quality, membrane technology and seawater desalination. He has led the NEWater Programme in Singapore since 1998. He was involved in the pilot testing of 3 different Membrane Bioreactor systems in Singapore (for wastewater treatment and water reclamation) and the Variable Salinity Plant (seawater desalination with feedwater of varying salinity due to storm-water runoff).
	Peter Williams Dr Peter Williams is the Chief Technology Officer for IBM's Big Green Innovations incubator, whose role is to create environmentally focused businesses for IBM - he is responsible for assembling, maintaining and developing Big Green’s business portfolio and technologies used. His particular focus areas have been PV technologies; developing green house gas reduction solutions and services; and most extensively, water management solutions, covering entire water resources, utility infrastructures, and enterprise water management. Dr Williams holds the title of IBM Distinguished Engineer. By background, he is a management consultant with well over 20 years experience of bringing technology and business issues together to develop novel solutions and business models. His PhD was awarded by the School of Management at the University of Bath, England, in 1986.

In this edition >>

Portfolio Update: Xunlight, Senscient, RBE, PPIC
Industry News: European Energy Venture Fair 2009

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