13 UK companies made it onto the list:
- ACAL Energy
- Arvia Technology
- Marine Current Turbines
- Pelamis Wave Power
- ResponsiveLoad (RLTech)
Congratulations to all, this is a wide ranging and well researched list.
However, this is a worry for the venture capital industry given the huge amount of funding committed to the sector over the past five years. With few exceptions, (and the odd business that has rebadged itself as ‘cleantech’), this same list could have been written two or even four years ago.
We have always said that there is a fundamental issue with venture investment in the space as VC investors typically want to exit a business within 5 years. The energy industry itself has much longer adoption cycles so it is not surprising that much of the ‘cleantech’ funds are focused on investing in companies like Nujira who, whilst being a fantastic business, is hardly going to make a dent in the world’s CO2 emissions. It is adopted by customers because it saves the money and is a more effective solution to an existing problem.
The planet should worry if it is relying on investors in taking risks to sort out these problems.