National Venture Capital Association says California, Massachusetts, Texas and Washington state are leaders in cleantech investment

A report by the National Venture Capital Association said that California, Massachusetts, Texas and Washington state have received the most clean tech venture capital funds.

Washington state firms receiving funding in 2007 include plug-in vehicle technology start-up V2 Green; algae biodiesel startup Bionavita, a Snoqualmie company that makes biofuel out of algae; biofuel retailer Propel Biofuels; biodiesel producer Imperium Renewables; vegetable oil recycler General Biodiesel; and energy storage technologist EnerG2.

Cleantech investment by venture capital increased to $1.1 billion in the first half of 2007, up 35% from 2006. Activity focused on US solar investment and alternative fuels.

Recently, prominent biofuels investor Sano Shimoda of BioScience Securities said that he foresees a shakeout in the ethanol industry, and more consolidation as single plants are either consolidated, fail, or emerge as low-cost producers. He said that the ethanol industry had to urgently reduce costs to be able to survive without subsidies.

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