Friday, May 7, 2010
Southern California Firms Drive Surge In Electric Car Investments
A new analysis of Q1, 2010 venture capital investments finds that two Southern California companies drove a 490 percent increase in Clean Technology Industrial Products & Services for the quarter. According to Ernst & Young, which analyzed the Q1 2010 venture capital numbers from Dow Jones VentureSource, the $100M funding round of Santa Monica-based Coda Automotive and the $93M financing of Irvine's Fisker Automotive drove a huge increase in investments in the segment in Q1, up to $261.7M -- representing 36 percent of the total, quarterly financing for all clean technology firms. Clean technology investments totaled $733.3M in 72 financing round overall, according to the analysis, which was released yesterday.