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Archive for September, 2009

AltaRock suspends test project

Posted in Board Of Intellectual Capital, tagged , , , , , , , , , on September 4, 2009| Leave a Comment »

Not according to plan one can say! Here is som gruesome news from Cleaninvest.

“On 2 Sep 2009, geothermal startup AltaRock Energy said it has suspended drilling at its demonstration project in California due to geologic anomalies. The startup said it encountered a number of physical difficulties at the site while drilling its first well.

However, the company said it will keep developing its engineered geothermal systems (EGS) technology and is evaluating alternative well locations, both at the Geysers, a site north of San Francisco, and elsewhere. The news comes as a blow to AltaRock’s demonstration project, which is backed by $6.24 million in funds from the U.S. Department of Energy, with the possibility of $2.76 million more.

In 2008, AltaRock raised $26.25 million from Google.org (which contributed $6.25 million), Khosla Ventures, Kleiner Perkins Caufield & Byers, Advanced Technology Ventures and Vulcan Capital.”

Click here to read the whole article.

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After slow start, U.S. deal making set to rise

Posted in Board Of Intellectual Capital, tagged , , , , , , , , on September 3, 2009| Leave a Comment »

Here is a good analysis on the business outlook from Reuters.

“BOSTON/NEW YORK (Reuters) – The next few months could see more mergers and acquisitions in the U.S. manufacturing sector as memories of recent market highs fade and some smaller companies find they need financial backing.

Executives at top manufacturers, including United Technologies Corp (UTX.N), had hoped the recession would provide ample opportunities to scoop up bargains this year, but were stymied when potential targets balked at selling when stock prices were testing 13-year lows.

But all of that may be changing, particularly if small manufacturers find themselves scrambling for cash when demand recovers and they need to restart production lines and bring back staff.

“As volume comes back for many suppliers, many companies, this may actually be the stress point for them relative to their financing needs,” Patrick Campbell, chief financial officer of 3M Co (MMM.N), told investors on Wednesday.

“This could actually be the point where we start to see some companies that maybe become a little more distressed … We’ve got our eyes wide open on that.”

Industrial conglomerate Danaher Corp (DHR.N) said on Wednesday it plans to buy two makers of scientific instruments for a total of $1.1 billion in cash, including a unit of Canada’s MDS Inc (MDS.TO) and Life Technologies Corp’s (LIFE.O) stake in a joint venture with MDS.

FIXATED ON THE PAST

So far this year, U.S. companies have announced $516.3 billion in deals, according to Thomson Reuters data. That is down 49.1 percent from the same period in 2008.

As potential buyers see it, the biggest roadblock to getting deals done this year has been that sellers are fixated on the past value of their shares. The Standard & Poor’s capital goods index .GSPIC is down about 34 percent over the past year.

“A lot of players are still hung up with their 52-week high,” United Tech Chief Executive Louis Chenevert told an investor meeting this week.”

Read the full article here.

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Thinking Big, Thinking Green

Posted in Board Of Intellectual Capital, tagged , , , , , , , on September 2, 2009| Leave a Comment »

Here is a good article from Portfolio.

After a couple of down quarters, venture capitalists are still optimistic about green companies. And one of the biggest, Vinod Khosla, has raised $1.1 billion to prove just how optimistic he is.

Vinod Khosla has bet big on green energy before, investing millions of his own dollars in companies experimenting with everything from biofuels to electrical efficiency.

Now he’s raised $1.1 billion from others for Khosla Ventures Seed Fund LP and Khosla Ventures Expansion Fund to make bets in the same space, a sign that the green economy is more than a passing fad. Khosla’s investment, the biggest amount raised for venture capital in two years, may also mark the return of large-scale financing in a sector that was battered by the economic meltdown.

Khosla, a Sun Microsystems co-founder who went on to a career as a venture capitalist at Kleiner Perkins before launching his own VC firm, certainly isn’t alone in the green space. Other venture capitalists see potential in clean technology that covers everything from inventing a smarter grid to turning algae into fuel and sunlight into electricity.

“I believe that we’re at the dawn of a transformation of a number of industries in the world that have not gone through a radical transformation,” says Alan Salzman, managing director at Vantage Point Ventures, another venture capital fund. “We have a number of daunting problems…combined with the ability from technology to provide the solutions. To be in on the ground floor…is going to generate staggering returns as the Ciscos and Googles of the world emerge.”

Salzman sees a day, not too far off, when cars are powered by electric motors, batteries store the electricity generated by the sun, and homes and offices are illuminated by energy-efficient LED bulbs, and the companies—like Better Place, Bright Source, and Tesla—that make all of that happen will be the new giants. It will happen, he says, because the science is there to make the changes, the recognition of global warming as a danger is growing, and new technologies ultimately will be cheaper.”

Read the full article here.

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Three startups bring in VC funds for battery, fuel cell tech

Posted in Board Of Intellectual Capital, Investments, Market research, Strategy, Technology, Venture Capital, tagged , , , , , , , , , , on September 1, 2009| Leave a Comment »

Here is some cleantech news from Cleantech.

“An Azusa, Calif.-based advanced battery company looks to close $27M, ClearEdge Power brings in $15M and stealthy Khosla-backed Seeo raises $8.6M.

CFX Battery expects to have $27 million in the bank in the next 60 days, but the company is still keeping specifics of what it is doing on the quiet side.

The Azusa, Calif.-based advanced battery company’s CEO Joe Fisher told the Cleantech Group today that his company has secured $5 million of its $27 million Series B round, without disclosing investors.

The announcement was among at least three cleantech companies that secured venture capital financing today, according to regulatory filings. CFX would be the largest if it brings in the $27 million, which Fisher is confident it should be able to do quickly. He said the company is also open to new investors.

The company plans to use the funds to continue to advance its research and development, for manufacturing equipment as it scales up to production, for working capital related to the equipment, and potential acquisitions in the battery space, Fisher said.

“We’re looking for niche-type smaller companies that have good intellectual property and potential to fit into our portfolio,” he said.

Other funding announcements today included fuel cell micro-combined heat and power (CHP) generation system developer ClearEdge Power raising $15 million in its fifth round of financing. And Berkeley, Calif.-based Seeo, a Khosla Ventures-backed company, raised more than $8.6 million in new venture capital financing (see Khosla-backed Coskata, EcoMotors come out of stealth and Stealthy Khosla-backed battery startup driving economic makeover?).

ClearEdge Power, which has locations in California and Oregon, manufactures what it said it are highly efficient CHP systems for residential and small commercial buildings, based on its expertise in fuel cells, fuel processing and systems integration.”

Read the full article here.

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