17 Jan 2008 05:01:29
Green-tech investment on the rise
Investment in the alternative energy market grew by 44 per cent last year, according to new figures published by a leading green finance company.
More than $5 billion (£2.5 billion) was invested by venture capital firms and investment banks in areas such as wind and solar power last year, compared to $3.6 billion (£1.8 billion) in 2006 - a figure which represented a 44 per cent increase on 2005's statistics.
Cleantech Group revealed that the biggest recipient of investment were energy generation firms, while energy storage companies and transportation interests also received significant support, Reuters reported.
Referring to the $2.75 billion (£1.37 billion) that was ploughed into renewable energy, the company's managing director, John Balbech, claimed it represented a continuing trend.
"This market is beginning to pick up speed as the numbers of technologies and solutions are increasing," he said.
Earlier this week, green fuel producer Argent Energy claimed that the collapse of UK-based Biofuels Corp has made investors less willing to provide financing for British biofuels projects.