Cleantech Investing: Heliovolt and Metrolight

Wednesday, August 15, 2007

Heliovolt and Metrolight

Two other cleantech deals hot off the presses today:

Tech Confidential is reporting that CIGS startup HelioVolt has raised a $78 77mm Series B. According to the site, a first close has been completed and a second close is expected later this month. Investors in this round are said by HelioVolt's PR folks to include "A DC investment firm", "A Middle Eastern clean tech fund managing $100B worth of investments", and "a multi-billion dollar company in Spain". Readers can fill in the blanks (or just wait until tomorrow's PR if you can't guess already). NEA had led the company's previous $8mm Series A... Tech Confidential speculates that HelioVolt is now positioned to be the first of the many CIGS players to actually get product to market, but they're just speculating. [8/15 note: Corrected the size of the round as requested by the company's representatives] Meanwhile, Kevin Bullis writes in the Technology Review that silicon ain't dead quite yet.

Metrolight, which has developed advanced ballasts for more efficient use of high-intensity discharge (HID) lights for high-bay (ie: warehouses), outdoor and other lighting applications, has raised a $9mm round of financing co-led by Virgin Fuels, and including Gemini Israel Funds, Israel Cleantech Ventures, and Alshuler Shaham Ltd. The company is based in Israel, but will be using the funds for more market push into the U.S. and Europe.

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What is "cleantech"?

The term "cleantech" refers to technologies that:

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