Monday, December 15, 2008

Boston VCs Hope for Sunnier Days Ahead

From Sunday's Globe: 'Releasing Capital for Rays of Energy.' It deals with two of the newest-vintage photovoltaic start-ups in the Boston area, 1366 Technologies and Wakonda Technologies.

    To date, 1366, which traces its roots to MIT research, has raised $12 million from Polaris and North Bridge Venture Partners, another Waltham venture capital firm. Wakonda, which spun out from the Rochester Institute of Technology, has raised $9.5 million, much of it from Massachusetts-based venture firms Polaris, General Catalyst, and Advanced Technology Ventures. The two companies are located a few miles from one another, off Route 128 in Boston's northern suburbs.

    Polaris's involvement with two start-ups working on new approaches to wringing electricity from the sun is a little out of the ordinary but not unique; General Catalyst has funded two solar companies, and Advanced Technology Ventures has funded three. Over the past four years a roaring torrent of cash has been funneled into companies developing photovoltaic materials. According to Cambridge-based Greentech Media, a research firm, roughly $4.5 billion has been invested in about 150 solar start-ups in that time frame.

In the video, MIT prof. and 1366 co-founder Ely Sachs gives you a PV primer.

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