Applied Ventures: Five Years of Active Corporate Cleantech Investing

I am pleased to share with you an update on Applied Ventures as we celebrate our fund's fifth anniversary. Over these past five years, we have had the privilege of investing more than $100 million dollars in 27 companies, mostly in cleantech, making us one of the most active investors in the space.

We have been delighted to see a number of our portfolio companies rewarded for their past years of hard work and dedication. In May, Solaicx, which developed a continuous Czochralski growth technology for high efficiency solar cells, was acquired by MEMC Electronic Materials, Inc. This was the second acquisition of one of our portfolio companies by MEMC. In November, MEMC acquired solar power project developer Sun Edison LLC for $200 million dollars.

Recently, our portfolio company, Enphase Energy, Inc., a Petaluma-based solar microinverter company, received a growth capital infusion from Kleiner Perkins Caufield & Byers (KPCB) as part of a $63 million round of financing to fund the company's rapid expansion. In addition, ClearEdge Power, Inc. signed a $40 million dollar agreement with LS Industrial Systems for the sale, distribution and service of over 800 "ClearEdge5" fuel cell systems in Korea. Infinite Power Solutions, Inc., a Colorado-based solid-state, rechargeable thin film battery manufacturer, closed a $20 million Series C financing, and Semprius, Inc., a North Carolina-based developer of concentrating solar systems, was selected for a $3 million U.S. Department of Energy contract. Adesto Technologies Corporation, Inc., one of our investments in the semiconductor space, was recently named a finalist in the “2010 ACE Start-Up of the Year” competition sponsored by EETimes. And, Liquavista B.V. demonstrated an 8.5” electrowetting display while also closing a further 7 million Euros in funding.

We would also like to welcome our two newest companies to the Applied Ventures portfolio – BT Imaging Pty Ltd is an Australia-based start-up working on solar PV inspection, and Enki Technology, Inc. is an early stage company working on improving PV module efficiencies through the development of low-cost anti-reflective and anti-soiling coatings.

In addition to Solar, we continue to evaluate and actively invest in innovative companies in the Display, Semiconductor, Lighting, Energy Storage, and Energy Efficiency sectors.

The portfolio continues to grow, and we would like to thank all our entrepreneurs and investment partners for all their efforts and support this year.

I welcome your questions or comments and look forward to continuing to work with all of you.

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