In this week's dealflow, an Indian investor puts money into nanotech/solar PV startup Stion, a pending IPO from First Solar, and a handful of deals in the battery market. And there's more...
If you're looking for the latest in solar deals in the warm afterglow of yesterday's SunPower purchase of PowerLight, you won't be disappointed. This week, money has been swirling around solar startups Stion/NStructures, First Solar and DayStar.
Unfortunately, in the case of DayStar, it's been swirling the wrong way.
And it wouldn't be a week in cleantech without Vinod Khosla spending at least some money on ethanol. Details below.
- Moser Baer Photo Voltaic of India is apparently taking a 20%-ish stake in Stion Corp (formerly NStructures), a Silicon Valley-based nanotech startup focusing on solar photovoltaics. Khosla Ventures and Braemar Energy Ventures participated in NStructures' Series A financing. This is the third equity investment by Moser Baer Photo Voltaic, after taking equity positions in solar concentrator technology firms Solaria and SolFocus.
- Another pending solar IPO, due any day now: thin-film PV developer First Solar plans to offer 17.5 million shares at $17 to $19 each in a bid to raise between $200-$300 million. It's to begin trading as FSLR on NASDAQ.
- Cellulosic ethanol startup Mascoma received $30M in funding this week. The investment was led by General Catalyst Partners, and includes Khosla Ventures, Flagship Ventures, Kleiner Perkins Caufield & Byers and others. Khosla and Flagship together invested $9 million in Mascoma earlier this year. See Biomass-to-ethanol developer gets $30M shot in arm.
- Advanced Plant Pharmaceuticals signed a Memorandum of Understanding to acquire biodiesel company, World Health Energy. The new company will be known as World Health Energy and will trade on the OTCBB.
- Biodegradable plastics maker Metabolix priced an initial public offering of 6,800,000 shares of Common Stock at $14.00 per share. The company will trade on NASDAQ as MBLX. Metabolix plans to use the money for pilot manufacturing and commercial formulation of its plastics. Metabolix had raised money from The Vertical Group and Westfield Capital.
- Wave power company Ocean Power Technologies has filed to register up to $100 million in shares for a proposed public offering of the company’s common stock on NASDAQ.
- HQ Sustainable Maritime Industries, pursuing zero-toxin aquaculture, completed a $5 million convertible promissory note deal with investors Tail Wind Fund and Solomon Strategic Holdings.
- Thin-film energy battery vendor Infinite Power Solutions received an undisclosed amount of strategic funding from In-Q-Tel, the venture arm of the CIA. This is in addition to a $34.7 million round in September.
- Some might question just how clean this is, but lead acid battery maker Firefly Energy landed an additional $10M in Series B funding this week from Stark Capital and return backers KB Partners, Caterpillar, the Illinois Finance Authority and Tri-County Venture Capital Fund.
- And... does it count as "dealflow" when a company loses investors' money? (ed.: sure!) ... in that case, let's mention CIGS solar cell maker DayStar Technologies, which begrudgingly revealed this week that $3M of its venture capital has been frozen in escrow due to its falling share price. Everyone's favorite greentech superhero The Greentech Avenger has details.
We're always looking for cleantech / greentech financing news, and other sordid tales. Send us your scoops.
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