Cleantech Investing: Innovalight, Iogen, Ovation announce raises

Wednesday, May 03, 2006

Innovalight, Iogen, Ovation announce raises

Busy last couple of days:

Innovalight, which is developing silicon ink-based solar PV technology, announced a $7.5mm Series B, led by Harris & Harris. Existing investors Apax Partners, ARCH Venture Partners, Sevin Rosen Funds and Triton Ventures also participated in the round.

Iogen, which is developing technology to produce cellulosic ethanol from agricultural waste, took in $30mm in financing from Goldman Sachs. The company had previously raised significant capital ($20mm from the Canadian government, $100mm in "internal funding and funding from strategic partners" from Petro-Canada and Royal Dutch/Shell). Some indication of valuation is given by the fact that Goldman's stake is a minority ownership. Iogen is planning on breaking ground on a commercial plant based upon their technology sometime next year, with production beginning in 2009. The Red Herring article linked to above also has a nice description of the funding challenges facing capital-intensive new technologies like Iogen's...

Ovation Products, which is developing a "clean water appliance" for distributed wastewater treatment, took in an undisclosed amount of funding from Andlinger & Co.

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