Venture capitalists continued to pour money into alternative-energy startups in the fourth quarter, even as overall venture investments plummeted to levels not seen since 2005.
Investments in energy and utility-industry startups rose 140 percent in the three-month period to $863 million, according to data from Dow Jones VentureSource.
Among the top deals was Solyndra, which raised $219 million
Renewable-energy companies captured the lion’s share of the money, or $743 million. The renewable-energy spending was up 445 percent from $136 million last year.
Overall, venture investing fell 30 percent in the fourth quarter as the industry’s confidence was shaken by the rapidly deteriorating economy, VentureSource said.
Among the top energy investments in the period were solar-energy companies Solyndra of Fremont and CaliSolar of Sunnyvale, and fuel-cell startup LUCA Technologies of Golden, CO. Solyndra raised $219 million from investors.
For all of 2008, energy investments more than doubled to almost $3.6 billion from $1.7 billion in 2007. Venture capitalists funded 124 deals, 86 of which were with renewable-energy companies. Renewable energy spending accounted for 86 percent of the total.
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