Summer is not the season for IPOs.

At least not for NanoDynamics, a Buffalo, N.Y., developer of fuel cells. The company planned to use the money from its $100 million offering to launch production of water filters and fuel cells.

But NanoDynamics and its backers will have to wait, calling off the share sale due to the churning stock market.

They may not want to wait too long, as the company loses about $1.5 million a month as it invests in bringing new products closer to market, according to its SEC filing.

Deals we saw this week:

• NanoDynamics, a Buffalo, N.Y.-based developer of solid-oxide fuel cells, water filters and other advanced materials, postponed its IPO due to the "current market condition." The company had planned to offer 6.6 million common shares at between $12 and $14 per share on the Nasdaq. The company has raised $15.3 million in private funding from backers including the Convergent Private Equity Fund.
• Solatube International Inc., a Vista Calif.-based maker of daylighting systems, received an undisclosed amount of mezzanine funding from Praesidian Capital Investors. Praesidian said the funding will go to fund growth plans for Solatube.
• California's Silicon Genesis raised $23 million in new VC funding, according to a regulatory filing. The company develops engineered substrate process technology for the semiconductor, display, optoelectronics and solar markets. Backers include H&A Asia Pacific, Lake Street Capital, Riverside Management Group, Firsthand Technology Ventures, Convexa Capital Ventures and Spencer Energy AS.
• BridgeLux, a Sunnyvale, Calif.-based provider of LED technology to the high-volume solid-state lighting market, raised $23 million in Series C funding. Chrysalix Energy Venture Capital led the round, joined by VantagePoint Venture Partners and return backers DCM, El Dorado Ventures and Harris & Harris Group. BridgeLux raised an $8.55 million Series B round in May 2005.
• Group IV Semiconductor, another LED developer, raised a Series B round led by Garage Technology Ventures Canada, and including Applied Ventures and existing investors Khosla Ventures and BDC Venture Capital. The amount of the round was undisclosed, but was reportedly bigger than the $8.6 million Series A the company raised in 2006.
• Silicon Valley's Advanced Technology Ventures reportedly closed on at least $272 million for its eighth fund. The firm invests in communications, infrastructure, software and services, consumer technology, biopharmaceuticals, medical devices and emerging technologies, including cleantech.New Zealand algae biofuel developer Aquaflow Bionomic recently secured a cornerstone investment from Pure Power Asia. The Singapore-based renewable energy business reportedly put in $2.3 million for a 19.9 percent stake in Aquaflow.
• ArcLight Capital has agreed to acquire interests in 18 geothermal, wind and solar renewable power generation projects from Caithness Energy. The projects have an installed capacity of 824 megawatts. No financial terms were disclosed (see Cleantech.com's ArcLight buying stake in Caithness projects).

Browse previous deals here.

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