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Uniqueness – AT: Bankruptcies
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- Renewable investment surging – slight upsets similar to “growing pains” in the early automobile industry
Uniqueness – AT: BankruptciesDespite bankruptcies, investment in clean tech is stableConnolly 11 James, “VC: Despite Solyndra, cleantech still kind to investors,” http://www.bizjournals.com/boston/news/2011/11/01/vc-defends-cleantech-investing.html Despite the spectacular crashes of some cleantech companies, the performance of venture capital investments in that sector has actually been on a par with the performance of investments in companies across the broader spectrum of industries, according to Venrock vice president Matthew Nordan. Nordan presented the keynote address at the Conference on Clean Energy 2011 at the Westin Boston Waterfront this morning, saying that one analysis of cleantech companies and general VC investments showed that roughly 40 percent of funds investing in cleantech were “above water”, which ranged over a three year period from “a little worse” to “a little better” in comparison with the general VC investments. Nordan, focusing his presentation to about 100 entrepreneurs and investors on trends in clean energy investing, also noted that looking at the investments that going into developing a particular technology can be deceptive. He said that once that technology is deployed and produces revenue over a period of many years the value can be many times higher than the original investment in the core technology. Looking at companies that have been funded and are ready to move into the later stages of development, such as Series C Rounds, Nordan said, “There will be unprecedented late stage requirements.” He said projections are that late stage cleantech investment will require $4.5 billion for each of the three years between 2012 and 2014. But he added that entrepreneurs that reach that stage shouldn’t worry about a shortfall. “VCs are already out raising money for that,” he said, “Growth capital will be out there with people raising money in gigantic pools.” Renewable investment surging – slight upsets similar to “growing pains” in the early automobile industryBaker 12 (Nathanael, “Renewable Energy Investments Grow to Record $253 Billion in 2011”, June 12, 2012 http://www.energyboom.com/finance/renewable-energy-investments-grow-record-253-billion-2011)//AMV Investment in renewable energy surged again in 2011, according to two new reports issued by United Nations Environment Programme (UNEP) and the Renewable Energy Policy Network for the 21st Century (REN21). Using data collected by Bloomberg New Energy Finance, the world's authority on cleantech financing, UNEP's Global Trends in Renewable Energy Investment 2012 report found that investment in renewable energy grew 17% to $253 billion in 2011, despite an increasingly tough competitive landscape. This is a six-fold increase from the investment numbers of 2004. In relation, gross investment in fossil fuels in 2011 was $302 billion. Nevertheless, renewables continue to gain ground in the power sector. Last year, 44% of the power generated at new power installations came from renewable sources. This is up from 34% in 2010. The big winner in 2011 appears to be the solar power. The industry saw investment grow 52% to $147 billion last year, making it the most attractive cleantech sector for investors -- surpassing wind power, the long-time favourite for clean energy financiers. In response to the report, Dr. Udo Steffens, President and CEO of the Frankfurt School of Finance & Management, said: "Renewables are starting to have a very consequential impact on energy supply, but we're also witnessing many classic symptoms of rapid sectoral growth -- big successes, painful bankruptcies, international trade disputes and more. This is an important moment for strategic policymaking as winners in the new economy form and solidify. The United States offers a fantastic case study for Dr. Steffens. New national energy policy focused around developing a new energy economy is completely impossible in the short-term. Nevertheless, other policies and regulations such as the Production Tax Credit for Renewable Energy helped spur a 57% increase in renewable investments in the U.S. last year, as companies scrambled to take advantage of the expiring incentives. Renewable energy investment in the U.S. grew to $51 billion in 2011, almost returning the economic giant to the top of the list of global renewable energy investors. Only China, stands ahead of the United States. After supplanting the U.S. in 2009, China maintained its title as the world's largest cleantech financier by increasing its investments by 17% to $52 billion. Despite the influx of capital and an increase in renewable energy capacity, solar power, for example, grew by 140% in 2011, the United States felt the pain of an expanding and maturing industry as several manufacturers filed bankruptcies. Solyndra, Beacon Power, Evergreen Solar, Stirling Energy, and most recently Konarka Technologies are the most notable companies that have been forced out of the market this year. Critics, in particular, members of the Republican party, have pointed to these failings as a sign of an unstable, and deteriorating industry. Michael Liebrich, CEO of Bloomberg New Energy Finance, see the situation in a completely different light. "Right now we are seeing a lot of pain on the supply-side as prices are being compressed, but it is important to remember that installers, generators and consumers are benefiting. It is all part of the maturing of the sector." He continued, "In 1903, the United States had over 500 car companies, most of which quickly fell by the wayside even as the automobile sector grew into an industrial juggernaut. A century ago, writing off the auto industry based on the failures of weaker firms would have been foolish. Today, the renewable energy sector is experiencing similar growing pains as the sector consolidates." Both the UNEP and REN21 reports join a symphony of reports concluding the single most important catalyst to developing a robust clean energy economy is implementing strong, stable renewable energy policies. 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