Water soaks up the cash

September 27, 2007 - Exclusive
By David Ehrlich, Cleantech Group

A steamy name deserves a nice pile of cash.

Midway, Utah-based 212 Resources, a water treatment company named after the temperature at which steam is made, received a $250 million credit facility from GE Energy Financial Services.

The company, which used to be called H2Oil Recovery Services, plans to use the capital to finance its water treatment technology, which uses vapor compression flash evaporation systems.

But that's not the only water company that got its hands on some funding this week, Stony Brook, N.Y.-based Stonybrook Purification and Petaluma, Calif.'s HydroPoint Data Systems also came up flush.

Stonybrook, which secured $500,000 of a $4.1 million Series A round, is a startup that uses nanofibrous membranes for liquid filtration.

HydroPoint took in a "material investment" from Sustainable Development Investments, a unit of Citigroup. The company markets a WeatherTRAK smart water management system for irrigation.

Rounding out the rest of the deals? A decent helping of solar.

Deals we saw this week:

  • Vancouver's Kyoto Planet launched Kyoto Planet Capital Partners, with five initial eco-friendly investments totaling CDN$15 million. The group put cash into Finavera Renewables, Atlantic Hydrogen, Pan Asia Biofuels, Ecomaniacal Productions and cleanairpass. Kyoto Planet plans to give one-third of its net profits to a foundation which will support non-profit initiatives in communities around the world.
  • Midway, Utah-based 212 Resources, a water treatment company, secured a $250 million credit facility from GE Energy Financial Services. The Utah firm, an @Ventures portfolio company, said the capital will be used to finance its water treatment technology, which uses vapor compression flash evaporation systems (see Cleantech.com's GE Energy funds oil and gas field water recycling).
  • New York's ConsumerPowerline, a provider of energy demand response software, raised $17 million in Series A funding. Expansion Capital Partners led the deal, joined by Bessemer Venture Partners, Schneider Electric Ventures, the New York City Investment Fund and Vantania Holdings. ConsumerPowerline said it plans to use the cash to aggressively expand its products and services.
  • Ceres, a Thousand Oaks, Calif., energy crop company, raised $75 million through a private offering of convertible preferred stock. The financing round was led by Warburg Pincus. Ceres said it plans to use the funds for research and product development activities in several dedicated energy crops, which are bred to maximize yields of plant biomass.
  • Stony Brook, N.Y.-based startup Stonybrook Purification secured $500,000 of a $4.1 million Series A round, according to a regulatory filing. Investors include Battery Ventures, TianDi Growth Partners, T2 Venture Partners and Modern Water.
  • Solarity, an Atlanta-based developer of nano-structured solar cells, raised $5 million in Series A funding, according to a regulatory filing. The round was led by New Enterprise Associates. The company, founded by Ajeet Rohatgi, is being spun out of Georgia Tech.
  • San Jose, Calif.-based Miasole, a manufacturer of thin-film solar cells, reportedly raised $50 million in Series D funding. The round reportedly included six new investors, but the names were not disclosed. Miasole previously raised $56 million from Kleiner Perkins Caufield & Byers, VantagePoint Venture Partners, Firelake Strategic Technology Fund, Garage Technology Ventures and Nippon Kouatsu Electric Company.
  • Nanosolar, a Palo Alto, Calif., provider of low-cost solar panels, received a $20 million grant from the U.S. Department of Energy. The company previously raised venture capital funding from firms including Mohr, Davidow Ventures, Benchmark Capital, Mitsui & Co., Onpoint, SAC Capital, GLG Partners, Swiss Re and Grazia Equity.
  • Petaluma, Calif.-based HydroPoint Data Systems received a material investment from Sustainable Development Investments, a unit of Citigroup. The amount of the investment was not disclosed. HydroPoint said cash would accelerate the expansion of its sales and services capabilities and the deployment of its WeatherTRAK smart water management systems. HydroPoint said the funding is in addition to its Series C round of financing announced earlier this year.
  • New York's Environmental Capital Partners formed a relationship with New York Private Bank & Trust to invest $100 million in middle-market cleantech companies. They plan to focus on green consumer products, eco-friendly building materials, alternative energy, and industrial environmental services. Environmental Capital said it is actively seeking growth and buyout transactions that require equity investments of $10 million to $25 million, but that it has the ability to complete larger transactions.
  • Energy Recommerce, a San Francisco based provider of web-based solar monitoring and management software, raised an equity investment led by Dry Creek Ventures. Energy Recommerce said the funds, which were not disclosed, will be used to accelerate sales and marketing and launch new products.
  • Mill Valley, Calif.'s Solar Power Partners secured $6 million of a $6.2 million Series A round, according to a regulatory filing. Globespan Capital Partners led the financing. Solar Power Partners develops, owns and managers a distributed network of mid-size commercial solar energy facilities that is remotely managed from a central location.
  • Cambridge, Mass.-based GreatPoint Energy, a developer of low-cost gasification technologies, raised $100 million in Series C funding. Dow Chemical and Citi Sustainable Development Investments co-led the deal, joined by AES, Suncor Energy, and return backers Advanced Technology Ventures, DFJ, Kleiner Perkins Caufield & Byers and Khosla Ventures.

Browse previous deals here.

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